For immediate release

Contact: Daneil Mazone, Manager, Media Relations

Philadelphia — Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia, said that “inflation is running far too high” as he addressed a virtual audience at the Delaware State Chamber of Commerce. Citing continuing supply chain disruptions, strong fiscal support, and accommodative monetary policy, he forecast inflation would come in at around 4 percent for 2022.

Pledging strong action to rein in inflation, Harker predicted “a series of deliberate, methodical [rate] hikes as the year continues and the data evolve.” He added that he anticipates that the Federal Reserve “will begin to reduce holdings of Treasury securities, agency debt, and mortgage-backed securities soon.”