Philadelphia Fed President Patrick Harker: 'The Fed should not consider further rate hikes'

Philadelphia Fed President Patrick Harker stated that the central bank should not create new pressures on the economy by increasing borrowing costs.

In a statement following a speech where he reiterated his belief that the US Federal Reserve (Fed) is done raising interest rates in an environment where inflationary pressures are easing, Harker said, "At this point, we should not be considering any increase in the Fed's interest rate target."

Stating that they are seeing signs of a better-balanced market and easing wage pressures, Harker also emphasized that there are signs of an increase in household savings.