Philadelphia Fed President Speaks on US Economy, Coronavirus Impact
Philadelphia Fed President Patrick Harker expressed confidence in the central bank's monetary policy, stating that he expects rates to
Philadelphia Fed President Patrick Harker expressed confidence in the central bank’s monetary policy, stating that he expects rates to remain unchanged for some time to come as the US economy is in a good place at present. Harker estimates the US economy to grow at around 2% in 2020 and unemployment to remain under 4% for the next couple of years.
Harker made these comments while addressing a panel, adding, “My own view right now is that we should hold steady for a while and watch how developments and the data unfold before taking any more action.” He also remained confident that inflation in US could touch the Fed’s 2% target this year.
However, there still remain several downside risks that could impact economic growth in the US in the near future, especially trade tensions and geopolitical uncertainties that are keeping businesses hesitant from increasing their investments and hiring plans. While speaking about the possible economic impact of the coronavirus outbreak, Harker remarked, “It’s too early to say what impact the spread of the coronavirus will have on the global economy, but the negative effects on the Chinese economy and international travel are something to watch.”
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