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Somerset, NJ — Patrick T. Harker, president of the Federal Reserve Bank of Philadelphia, told an audience of New Jersey bankers that the economy is looking “pretty good,” holding steady his view of the economic outlook.
Speaking at the 2020 Economic Leadership Forum, hosted by the New Jersey Bankers Association, Harker reviewed some of the latest data on the U.S. labor markets, consumer sector, and inflation. Echoing his previous outlooks, Harker said he expects the U.S. economy to grow by about 2 percent in 2020. He also continues to expect the inflation rate to close in on the Fed’s target rate of 2 percent. Harker also said he thought the New Jersey economy was in “good shape,” with an unemployment rate slightly below the national average.
Harker, who is a voting member of the Federal Open Market Committee this year, also discussed regulators’ efforts to modernize the Community Reinvestment Act. The legislation, passed in 1977, requires banks to meet the credit needs in the low- and moderate-income communities they serve.