Inflation: What Caused It and What to Do About It

Abstract: Patrick T. Harker, Philadelphia Fed president and CEO, told an audience at the Greater Vineland Chamber of Commerce that he recognizes that “this is a period of tremendous hardship for Americans, particularly those with low or moderate income” due to high inflation. Harker noted that the Federal Reserve has responded by reducing its balance sheet and raising the federal funds rate 300 basis points since the start of 2022. He also said he expects the Fed to continue to raise rates “for a while.” “Inflation will come down, but it will take some time to get to our target,” he said

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Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Speech

Publication Date: 2020-10-20