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Fed’s Harker says expects ‘methodical’ rate hikes to fight ‘too high inflation’

“While the Fed cannot do much to ameliorate the supply issues that are increasing inflation, we can begin to affect demand,” Harker said in remarks prepared for delivery at Rider University in Lawrence Township, New Jersey. The speech reiterated Harker’s recent views on the outlook and the effect of tighter monetary policy, which he said will help reduce economic growth this year to around 3.5% and to 2% to 2.5% in the next couple years. Inflation too “should begin to taper” this year, he said, ending 2022 at around 4% and over the next couple years falling to the Fed’s 2% target.

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