Philadelphia Fed Chairman Patrick Harker said on Thursday that it is close to the point where the U.S. central bank can hold interest rates steady.
Harker, a voting member on the Fed's policy-making committee this year, said he expects inflation to drop to about 3.5% this year, to 2.5% next year, and to meet the Fed's 2% target by 2025.
Harker also said that he forecasts GDP growth for 2023 to remain below 1% and the unemployment rate to rise to 4.4%. He said he is watching the data closely to assess whether additional policy tightening will be needed.
He said he saw promising signs that the Fed's rate hikes were working, but acknowledged that inflation was still well above the Fed's target and disinflation was disappointingly slow.
After Harker's speech, the Bitcoin price experienced a sudden surge:
*Not investment advice.
