For immediate release

Contact: Daneil Mazone, Media Relations

Philadelphia – Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia, today addressed the Philadelphia Business Journal’s State of the Economy forum, stating, “Absent any alarming new data between now and mid-September, I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work.”

Harker expressed his belief that recent economic data, combined with the discussions he has had with banking and other leaders across the Third District, mean that the time may be now to hold interest rates steady and let prior monetary policy actions continue to work to reduce inflation.

“Should we be at that point where we can hold steady, we will need to be there for a while. I do see us on the flight path to the soft landing we all hope for and that has proved quite elusive in the past,” Harker added.

Harker also gave an overall positive appraisal of the economic health of the Philadelphia region, noting encouraging expectations from business owners, improving numbers in key indexes, and the full recovery of pandemic-era job losses. He did express concerns about both commercial real estate and the approaching resumption of federal student loan payments.

“Overall, I believe that the resilience we’ve seen in our economy will continue, and I do believe we are poised to come out from under the pressure of inflation in good condition, both nationally and right here in Philadelphia and the region,” said Harker.