News: USD 2022-11-10 18:45

Fed's Harker says favors possible rate hike pause when funds rate hits around 4.5%

Federal Reserve Bank of Philadelphia President Patrick Harker said Thursday the point where the central bank might pause on rate rises could be getting closer.

"I am in the camp of wanting to get to what would clearly be a restrictive stance, somewhere north of four-ish, you know, four and a half percent, and then I would be okay with taking a brief pause, seeing how things are moving. And then if we have to, we can continue to tighten," he said in appearance in Philadelphia.

The current federal funds rate stands between 3.75% and 4%. Harker is not currently a voting member of the rate setting Federal Open Market Committee but will be next year.

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