Intra-Day Market Moving News and Views
23 Mar 2016 00:12GMT
USD/MARJORS - President of Federal Reserve Bank of Philadelphia Patrick Harker in a meeting, telling the reporters that he is "pretty optimistic" that wage pressures will influence broader U.S. inflation measures, and that Fed should consider another rate hike if economy continues on path with all fomc meetings in play for future rate rise.
He will back more rate hikes than median Fed 'dots' forecast, the supported holding rates steady last week in part due to recent market volatility.
He added that the core inflation moving is in the right direction, and with the oil appears to have stabilized or bottomed, and that they need to continue to "get on with" rate hikes, economy resilient.
Further, he thinks that there is a strong case to continue to raise rates and a need to tighten moves that hang on economic conditions. They would prefer to hike rates more than twice this year, and it's ok to overshoot 2 pct inflation target.
With the monetary policy limited, that cannot boost U.S. growth potential, so a needed debate over potential growth at heart of debate within fomc.
He expects subdued growth over the next 2-3 years, and can sees possible 'slow-growth trajectory for some time to come'.
He also suggests tax, education measures that would boost long-term growth prospects.
More of his comments to follow.
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