“Doing Nothing” Is Still Doing a Lot

Abstract: Philadelphia Fed President and CEO Patrick Harker spoke at a meeting of the New Jersey and Philadelphia Chapters of the National Association of Corporate Directors (NACD) in Philadelphia about the Fed’s actions to “press down on inflation and bring markets into a better balance.” Harker said that holding rates steady “will let monetary policy do its work. By doing nothing, we are still doing something.” Amid an “unpredictable” economy, monitoring the data can “separate a signal from noise” over time; however, “we remain data dependent but patient and cautious with the data.”

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Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Speech

Publication Date: 2016-10-16