The June Federal Open Market Committee meeting should be live, Federal Reserve Bank of Philadelphia President Patrick Harker said.

June “should be a live meeting for sure,” Harker said in a podcast published by American Banker Tuesday.

Federal Reserve Bank of Philadelphia President Patrick T. Harker.
Federal Reserve Bank of Philadelphia President Patrick T. Harker. Bloomberg News

Having projected three rate hikes this year, he said, it seems on track for “two more at least, possibly more, depending on whether we start to see the wage pressures build and translate into inflationary pressures.”

Inflation is the only consideration left, he said, noting, “we’re getting mixed signals … a little bit right now.”

But, Harker said, “I remain pretty confident we’re close to our 2% [inflation] target, and that if we don’t see a deceleration in inflation, but continued growth in inflation, June is a distinct possibility” for a rate hike.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.