Patrick Harker, President and CEO of the Federal Reserve Bank of Philadelphia
- says it will soon be time to start cutting the Fed’s monthly asset purchases
- expects GDP growth to be around 5.5% by 2021 and 3.5% in 2022
- You wouldn’t expect any interest rate hikes until late 2022 or early 2023, unless the inflation outlook changes dramatically.
- expects inflation to be 4% by 2021 before dropping to “just over” 2% next year
Fed officials are chanting in unison about the upcoming reduction. November seems to be the pencil data of the beginning of the process.
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