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Speech
The Fed’s Balance Sheet: The 37th Annual Monetary and Trade Conference
Fed?s Harker on Unwinding: ?Walk, Don?t Run?. A slow and steady approach to unwinding the Fed?s balance sheet is Philadelphia Fed President Patrick T. Harker?s preference. ?So in metaphorical terms, it is a dark and stormy night, to quote Peanuts, and we are walking in the direction of a wall,? he told a conference audience. "In that situation, most of us would give the advice of ?walk, don?t run.??
Speech
Inflation: What Caused It and What to Do About It
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
Speech
“Doing Nothing” Is Still Doing a Lot
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 ...
Speech
The Urgency of an Equitable Workforce Recovery
During remarks at the virtual Official Monetary and Financial Institutions Forum, Philadelphia Fed President Patrick Harker discussed three possible avenues to achieving an equitable workforce recovery as we emerge from the pandemic: getting more people into opportunity occupations that don’t require a four-year college degree, improving access to affordable childcare, and ensuring workers can get the training and education they need.
Speech
The Benefits and Casualties of Trade
It?s time for fiscal and other policies to take the lead in growing the American economy, Federal Reserve Bank of Philadelphia President Patrick T. Harker said in a speech today at the Global Interdependence Center?s Central Banking Series in Dublin, Ireland. President Harker?s comments focused on the benefits and casualties of international trade
Speech
Highlighting the Labor Market’s New Complexities; Listening to Worker Voices
Speaking at a National Association for Business Economics webinar, Philadelphia Fed President and CEO Patrick Harker said he expects “inflation to decline to somewhere around 3.5 percent this year.” But Harker said that he “will be closely monitoring incoming data, listening to our contacts and audiences, and evaluating economic conditions to assess whether additional tightening will be needed.” Harker also stressed the importance of “soft data” to complete our picture of the labor market, urging the audience to read the Fed’s new Worker Voices report, which details what U.S. ...
Speech
Economic Outlook and the Anchor Economy Initiative
Philadelphia Fed President and CEO Patrick T. Harker told an audience at the University of Delaware’s Lyons Center for Economic Education and Entrepreneurship that the Federal Reserve is “absolutely committed to bringing inflation back to our 2 percent target.” Harker said he expects the Fed to raise rates a few more times this year, but that in his view, “hikes of 25 basis points will be appropriate going forward.” He also introduced the Philadelphia Fed’s Anchor Economy Dashboard, which captures the impact of higher education institutions and hospitals on regional economies.
Speech
Fintech in a Changing World
Patrick T. Harker, president and chief executive officer of the Philadelphia Fed, told an audience at the Sixth Annual Fintech Conference in Philadelphia that “fintech can help foster financial inclusion.” Especially when used with alternative methods of evaluating creditworthiness, “the opportunities to use fintech to reach the economically constrained and financially marginalized are truly exciting,” he said.
Speech
Economic Outlook
Speaking to the audience at the New Jersey Bankers Annual Leadership Forum, Philadelphia Fed President and CEO Patrick Harker said that, like the national economy, the “region’s economy reflects weakening conditions in business and interest-rate sensitive areas such as housing, but maintains significant strengths, particularly in the labor market.” In light of the strength of labor markets, Harker said he expects “GDP growth will be modest, but I’m not forecasting a recession.”
Speech
The Economy, the Pandemic, and Machine Learning
The U.S. economy is recovering more strongly than originally anticipated, but significant risks related to COVID-19 and fiscal policy remain, said Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia. Harker, delivering a keynote address virtually at the Official Monetary and Financial Institutions Forum, focused on artificial intelligence and machine learning.