Philadelphia Fed President Patrick Harker, noted Tuesday that the economic recovery in the United States remains “a bit fragile,” as reported Reuters.
“The speed of inflation matters, not just the level.”
“There are many reasons, including technology and globalization, that keep prices low.”
“In the long term, the Fed wants inflation to be slightly above 2% because it has been consistently below target.”
“The Fed does not expect inflation to get out of control.”
“The Fed knows the tools to deal with higher inflation.”
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“If we don’t get herd immunity, we won’t fully recover the economy.”
“Removing the accommodation does not make sense at this point.”
“The Fed has time to move because inflation is not getting out of control.”
“If inflation gets out of control, the Fed will act accordingly.”
The dollar remains on the defensive after these comments. At time of writing, the US Dollar Index was down 0.22% on the day to 91.88.