The chairman of the Philadelphia Federal Reserve Bank, Patrick Harker, said today that he did not expect an increase in interest rates until after the central bank’s bond-buying program ended, adding that the Fed was ready to take action to combat high inflation if need.
“I do not expect an increase in interest rates before the end of the program [αγορών ομολόγων]”However, we are watching inflation very closely and we are ready to take action if circumstances warrant it,” Harker told an online event at the Economic Club of New York.
The official noted that he expects inflation to slow down next year as imbalances in the supply-demand balance due to the pandemic will ease.
He also said that he expects the growth of the American economy to reach about 5.5% this year and 4% next year unless there is another big wave of COVID-19 infections. Growth may then decline to 2% to 3% in 2023, he estimated.
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Source From: Capital
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