A strong U.S. job market and near-target inflation will warrant “at most” one interest rate increase in 2019 and one in 2020, Federal Reserve Bank of Philadelphia President Patrick Harker said on Thursday.
Harker gave a similar assessment of the U.S. rate outlook on March 25. On Thursday, he said the U.S. jobless rate was likely to fall to 3.5 percent this year and inflation would likely be just above the Fed’s 2 percent target this year and next.
“There are certainly aspects of the economy — the strength of the labor market, for instance — that point to a fundamentally sound U.S. economy,” he said in prepared remarks for an event with business economists.
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