Patrick Harker, President of Philadelphia Federal Reserve joined the chorus warning against inflation and the need for interest rate increases to keep rising prices under control.

He expressed concern Wednesday that the inflation rate would rise to 8%. its highest level in 40 years. The Fed is expected to respond by increasing rates and decreasing the amount of bonds on its balance sheets.

Harker stated to the Delaware State Chamber of Commerce, “Inflation runs far too high and I am acutely worried about it.”

“The bottom line is that generous fiscal policies, supply chain disruptions, and accommodative monetary policy have pushed inflation far higher than I — and my colleagues on the [Federal Open Market Committee] — are comfortable with,” he said. I’m worried about inflation expectations becoming unmoored.

After two of his coworkers, Governor LaelBranchard and San Francisco Fed President Mary Daly died, the cautionary tone comes as a result. also expressed concern over inflation. Brainard is an important policy “dove”, who favors lower rates, less restrictive monetary policies, and said that reducing inflation was “of paramount importance”. This would require “a series” of interest rate increases and “rapid” balance sheet reductions.

Following the comments, stocks fell and bonds yields increased.

Harker’s remarks closely matched Brainard’s views on rate increases.

Although he said that he expected “a series of deliberate and methodical increases as the year goes on” he was not as clear about balance sheet runoff.

Harker is an FOMC member, but he does not vote. However, Harker has input in the final decisions of the FOMC. Harker views growth as “robust”, and anticipates that inflation will fall below the Fed’s 2% target.

At its March meeting the FOMC approved its first rate increaseWithin three years. The market expects a series of rises that eventually could raise short-term borrowing rates up to 3%.

Wall Street will keep an eye on Wednesday, when minutes of that meeting’s proceedings are published at 2 p.m. ET. After the meeting Chairman Jerome PowellThe summary will include discussions about bond holdings that have brought the balance sheet up to approximately $9 trillion.