The US economy is in good shape and the growth rate is expected to return to the trend of about 2% in 2020, Philadelphia Federal Reserve Bank President Patrick Harker said on Wednesday.
“Friday’s employment report showed the labor market began 2020 on the same positive trend it showed through 2019,” Harker added. The health of the labor market, especially when it comes to paychecks, is key to my economic outlook since consumer spending accounts for about 70% of the US economy.”
Regarding the policy outlook, “my own view right now is that we should hold steady for a while and watch how developments and the data unfold before taking any more action,” Harker repeated.
USD stays calm
The US Dollar Index hasn’t reacted to these comments and was last seen at 98.75, where it was virtually unchanged on the day.
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