Philadelphia Federal Reserve Bank President Patrick Harker said on Wednesday that the US economy is incredibly resilient. He added that their model forecasts no recession ahead. According to him, the Unemployment Rate is going to tick up toward 4.4%.
Regarding interest rates, Harker favored pausing at the next meeting. He warned that incoming data “may change” his mind.
Market reaction:
Harker and Jefferson’s comments favoring a pause at the next meeting weighed on the US Dollar, which trimmed gains across the board. US stocks moved off lows. The DXY stands at 104.40, up 0.35% for the day.
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