Philadelphia Fed’s Harker forecasts only two hikes in 2018

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Patrick Harker. Photo: Federal Reserve Bank of Philadelphia

The president of the Federal Reserve Bank of Philadelphia, Patrick Harker, projects two rate increases in 2018, instead of the three forecast by the FOMC, on low inflation.

“Based on the relatively strong economy, but the continued stubbornness of inflation, I’ve pencilled in two hikes for 2018,” said Harker in a speech today (February 21). He stressed his position depends on incoming data, and may therefore change over the coming weeks or months.

“The inflation side of the Fed’s mandate is

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