Speech

Economic Outlook

Abstract: Speaking at the annual Global Interdependence Center (GIC) conference, Philadelphia Fed President and CEO Patrick Harker presented his first economic outlook following January’s Federal Open Market Committee (FOMC) meeting where they “voted to hold the policy interest rate steady at 4.25 to 4.5 percent.” Harker shared that while “inflation is still elevated and the mission is not yet accomplished,” he is “encouraged both by the longer-view, which clearly points to disinflation in the last two years, and the zoomed-in view, seeing key categories like shelter move in the right direction.” Recent data showing a “resilient” GDP and production as well as a “balanced” labor market “are reasons enough for holding the policy rate steady,” he said, adding, “the current data paints a picture of an American economy that continues to function from a position of strength.”

Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Speech

Publication Date: 2025-02-17