Fed’s Patrick Harker Expects Steady, Deliberate Path of Rate Rises

Federal Reserve Bank of Philadelphia President Patrick Harker said a series of rate increases is needed to tame inflation.

“I expect a series of deliberate, methodical hikes as the year continues and the data evolve,” Mr. Harker said in a speech that largely reiterated remarks given on March 29. “I also anticipate that we will begin to reduce our holdings of Treasury securities, agency debt and mortgage-backed securities soon.”