(Reuters) – In order to curb inflation, the U.S. Federal Reserve might raise interest rates by as soon as March. It may also have to hike borrowing costs during this year.

“I believe we’ll complete the taper of asset purchase purchases before March.” Harker spoke in prepared remarks during a virtual meeting hosted by Philadelphia Business Journal. Harker indicated that we could expect a rate rise of 25 basis point.

Harker stated that “we could very well keep raising rates throughout this year as data evolve,” Harker noted, adding that as Harker spoke Harker is ready to speedily dial back stimulus the central bank put in place nearly two years ago to support the economy during the COVID-19 epidemic.

In an interview on Thursday with Financial Times, Harker stated that he supports three rate increases this year starting in March and is open to additional hikes if inflation rises.

Harker’s endorsement adds to the constant drumbeat of Fed policymakers who this week have indicated that a March increase in interest rates is now on the table. With inflation close to 40 years highs and above the central bank’s 2% target flexible, and with employment returning to pre-pandemic levels, Harker’s backing reinforces the belief that Fed policymakers are confident about raising the rate.

Investors currently see a 83% probability that the Fed will raise its benchmark overnight lending rate, still set at the near-zero level, at its March 15-16 policy meeting, according to CME Group’s FedWatch program.

Jerome Powell, Fed Chair, also supported a tightening monetary policy in this year’s fiscal year. He said that the economy is strong despite the Omicron-related surge in cases. However, Powell pointed out coming rate increases as a decrease in Fed’s $8 trillion balance.

In preparation to increasing interest rates, Fed has already increased its monthly purchases Treasuries as well as mortgage-backed securities to reduce the risk of a recession. The Fed is expected to end this program entirely by March mid-March.