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Fed’s Harker says balance sheet runoff should be steeper than last time -Breaking

by Mike Robinson

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(Reuters) – Patrick Harker, Philadelphia Fed president, stated that the Federal Reserve must raise interest rates three times this fiscal year in order to fight high inflation. He also said it should reduce its balance sheets more rapidly than before the financial crisis.

Harker, speaking on CNBC, stated that after the Fed increases rates beyond zero, central banks should use a “glide pathway” to normalize the process. This is because the bank’s balance sheet has grown.

Harker indicated earlier that Harker could convince of the need to raise the fourth interest rate this year in case inflation continues to rise.

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