(Reuters] – Philadelphia Federal Reserve Bank President Patrick Harker stated Wednesday that he believes the central banking can reduce inflation without causing a downturn in the economy. Partly because of the strength of the labor force,

Harker stated that there may be a couple quarters of slow growth but that is not the way I estimate or forecast right now. Harker spoke in virtual form with the Mid-Size Bank Coalition of America. Harker added that the economy could withstand any “measured” and consistent tightening of the financial environment that might reduce demand. We don’t want it to be too much, but we must act.