Patrick Timothy Harker is the President of the Federal Reserve Bank of Philadelphia who is currently speaking at the Jackson Hole symposium and he has made some comments that pretty much confirms what was said by Fed Chair Powell on Thursday.
Interestingly he said he sees a very bumpy “Nike-Swoosh” style recovery. Both Harker and Bullard have said the Fed could note an inflation overshoot for some time. Bullard also said it could be for some while and noted this quarter could be one of the best ever in terms of GBP. Obvious really after the COVID-19 rebuild.
Harker also added the US Economy is to end 2020 down 5% or 6%, unemployment around 9%. Lastly, Bullard said the FOMC are not even thinking about raising rates.
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