Harker, President, "Inflation Down · Employment Up... Soft Landing Becoming Visible"

Patrick Harker, President of the Federal Reserve Bank of Philadelphia, said on the 6th (local time) that the soft landing of the U.S. economy is becoming visible, based on slowing inflation and a robust labor market.

According to Bloomberg, President Harker emphasized during a lecture held at Rowan University in New Jersey that day, "All three elements necessary for a soft landing?disinflation (slowing price increases), labor market balance recovery, and resilient consumer spending?are being met."

Patrick Harker, President of the Philadelphia Fed
Photo by Yonhap News

Harker, who does not have a voting right on monetary policy this year, avoided making specific comments on the timing of the Federal Reserve's rate cuts. However, he said that the inflation data released at the end of last month "shows continuous progress as the Fed hoped."

In fact, the Fed's preferred core inflation indicator recorded 2.9% in December last year, marking the slowest pace in nearly three years.

Meanwhile, Jerome Powell, Chair of the Federal Reserve, has previously stated that he is not confident enough in the inflation trajectory to implement a rate cut in March.

This content was produced with the assistance of AI translation services.