The Federal Reserve’s new monetary policy strategy is more about targeting the velocity of inflation rather than the overall level, Philadelphia Fed President Patrick Harker told CNBC on Friday.
“The labor market recovery is moving sideways and we won’t get fully back to pre-crisis levels for quite a while,” Harker further noted. “A lot of the jobs in retail, tourism and travel are not going to come back the same way.”
Market reaction
The US Dollar Index continues to have a hard time staging a meaningful recovery. As of writing, the index was down 0.7% on a daily basis at 92.34.
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