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Speech
An Economic Outlook - New Jerseys Bankers Association
Philadelphia Fed?s Harker: New Jersey?s Economy Shows Significant Progress Despite Slow Recovery January 20, 2017 While New Jersey?s economy has made significant progress since the recession, the state faces ?different issues than other states? that impact the recovery of its housing and labor markets, Federal Reserve Bank of Philadelphia President Patrick T. Harker said today in remarks at the New Jersey Bankers Association?s annual Economic Leadership Forum
Speech
Pandemic Ebbs and Flows: Economic Data, Inflation Concerns, and Policymaking
With a shock as large as the pandemic, policymakers need to be alert to potential changes to the economy. To date, inflation expectations and the underlying inflation rate look to be stable. It is important to keep in mind the difficulty that was experienced in achieving inflation of 2 percent in the United States and most of the developed world after the Great Financial Crisis. As a result, my perspective is that the emphasis on actual outcomes rather than forecasts of rising inflationary pressures when setting monetary policy appears justified. However, given the noise in the data, it will ...
Speech
Exploring current economic conditions and the implications for monetary policy: remarks at 1Berkshire Economic Outlook Luncheon, Dalton, Massachusetts, October 26, 2018
Topics covered include: recent monetary policy actions; outlook -- continued robust growth; clear risks to the forecast; how should policy respond to strong base forecast but rising risks?; inflation for goods and services; exports are important and uncertain.
Speech
Exploring current economic conditions and the implications for monetary policy: remarks at the National Association for Business Economics (NABE) 60th Annual Meeting, Boston, Massachusetts, October 1, 2018
While inflation remains well contained to date, pushing the economy too hard risks inflationary concerns or financial-stability risks. Either of these outcomes might necessitate a more forceful monetary policy response. While a more forceful policy might be appropriate under such conditions, it is not a risk-free strategy and could put at risk the continued expansion. The history of rapid rate increases in the U.S. suggests that such a risk is real, and as a result my preference for a strategy that allows a continued, but gradual, pace of monetary tightening.
Speech
Perspectives on the Eventual Economic Recovery
The past year with the pandemic has been grueling. Eleven months after the initial outbreak, economic outcomes for individuals and businesses still remain closely tied to finding and implementing effective public health policy. However, with the successful development of multiple vaccines, it is now possible to imagine much better macroeconomic outcomes ahead. My view is that policymakers must work to ensure that the benefits of the eventual recovery are widely shared. As I’ve mentioned, I believe that as we think about recovery from the pandemic, we should take the time to look for ways ...
Speech
An Economic Outlook - Main Line Chamber of Commerce
Inflation, GDP growth, and the labor market are ?displaying considerable strength? and indicate a robust American economy, Federal Reserve Bank of Philadelphia President Patrick T. Harker said today in remarks to the Main Line Chamber of Commerce.
Speech
An Economic Outlook - Temple University
The United States is and has been an economic powerhouse for most of the past century. We?re the world?s largest economy, and we have consistently been a source of innovation and invention. If we want to keep our global edge, it?s time to think about broad policies that look to where we?ll be in the future. When I was playing football, we ran where the ball was headed to catch it; that?s how we have to look at policy ? monetary, fiscal, and other ? not where we are on the field but where we?re headed.
Speech
Pandemic Ebbs and Flows: Economic Data, Inflation Concerns, and Policymaking
With a shock as large as the pandemic, policymakers need to be alert to potential changes to the economy. To date, inflation expectations and the underlying inflation rate look to be stable. It is important to keep in mind the difficulty that was experienced in achieving inflation of 2 percent in the United States and most of the developed world after the Great Financial Crisis. As a result, my perspective is that the emphasis on actual outcomes rather than forecasts of rising inflationary pressures when setting monetary policy appears justified. However, given the noise in the data, it will ...
Speech
Taking Stock of the Economic Recovery and the Opportunities to Bolster Financial Stability
It seems likely that the economy will grow rapidly this year. This should reduce the slack in the labor markets and eventually return inflation to the Federal Reserve’s 2 percent target. Assuming virus variants do not become especially problematic, we should see an unusually strong post-recession recovery. While the near-term public health and macroeconomic improvements are more than welcome and critically important, I also believe that policymakers across the spectrum should take the time to examine some of the problems brought to the forefront over the past year. In doing so, they can ...
Speech
The United States and the Global Economic Outlook
When it comes to the economy, 2018 will be a year of ?monitoring,? said Philadelphia Fed President Patrick Harker to an audience of research economists on January 5. He also said in his own view that two rate increases are likely to be appropriate for the year. American Economic Association 2018 ASSA Annual Meeting Philadelphia, PA