For immediate release
Contact: Daneil Mazone, Media Relations
Philadelphia, PA — Federal Reserve Bank of Philadelphia President and CEO Patrick Harker today said that continued economic uncertainties will require the Fed to maintain a “certain and deliberate” approach to monetary policy.
“America’s economy remains resilient. I do not see any dangerous cracks in the foundation. But there are stressors on this foundation,” Harker said.
“Like many, I have no choice but to use and reuse the term ‘uncertainty’ to describe the overall outlook. But even in a time of uncertainty, we remain as certain and deliberate as ever in our approach. The data I am receiving — both hard data and soft data — could allow me to present multiple outlooks. But as I have said before, we must work within that which we know is happening, not what we wish to see happen,” he continued.
Harker’s remarks to the Philadelphia Council for Business Economics marked his final public engagement prior to his retirement from the Philadelphia Fed on June 30 due to reaching Federal Reserve time and service limits.
Following his economic outlook, Harker spoke on the Federal Reserve’s process of balance sheet “normalization.” He cited efforts of the Federal Open Market Committee (FOMC) to a “gradual, predictable, and boring” process to limit potential financial market disruptions.
He concluded his remarks by reiterating his belief in Federal Reserve independence, calling for economic leaders to listen to community voices in shaping monetary policy, and warning about the possible future impacts of debt on the economy and monetary policy.
About the Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy; supervises state member banks, bank holding companies, and savings and loan holding companies; and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.