Economic Outlook: We Are in the Final Mile of the Marathon

Abstract: Philadelphia Fed President and CEO Patrick Harker provided his first 2024 economic outlook for the audience at the annual Economic Forecast forum at the University of Delaware’s Lyons Center for Economic Education and Entrepreneurship. Highlighting strong data for the labor market, GDP, and consumer spending, and with unemployment near historic lows, Harker said, "we may be near the point where we can adjust the policy rate downward." "The data overall suggest that we are in the final mile of the marathon of getting PCE inflation back down to our target annual rate of 2 percent," he said. "However, as anyone who has ever run a marathon can tell you, the final mile is often the hardest."

Access Documents


Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Speech

Publication Date: 2024-02-22