Add Federal Reserve Bank of Philadelphia President Patrick T. Harker to the list of Fed officials who believe the Federal Open Market Committee should raise the fed funds target rate.
Speaking after a speech in New York Tuesday night, Harker said, "I think we need the committee to get on with it," according to published reports.
"We have to consider every meeting a live meeting," although he wouldn’t “put a date” on when he thought a rate hike would come.
In his presentation, Harker said, “long-term economic growth is fundamental to our future economic well-being. Economic growth has slowed since the mid-1990s, and we may remain on a slow growth trajectory for some time to come.”
But, he added, “there are limits to what good monetary policy can do for us."
