In his prepared remarks delivered at the Shadow Open Market Committee Fall 2019 Meeting in New York, Philadelphia Federal Reserve Bank President Patrick Harker argued that officials should hold firm on rates and let things settle.
“Inflation is on track to meet 2% goal,” Harker noted and projected the 2019 GDP growth to be ‘a little above 2%.’
“It is possible reserves are approaching their appropriate level, may need to resume organic growth of balance sheet earlier than anticipated,” Harker added. “Discussions of a standing repo facility are in their infancy.”
The US Dollar Index paid little to no attention to these comments and was last down 0.1% on the day at 99.10.