US FOMC Member Harker Speaks

Good morning, everyone, and welcome to the Federal Reserve Bank of Philadelphia. It is truly a pleasure for us to host this national convening. While I certainly anticipate that you will enjoy your time here in the Bank, I hope that you will also be able to enjoy just a little bit of what makes the City of Philadelphia so special — and I don’t just mean the food. As educators, I am certain you appreciate Philadelphia’s history and role as the birthplace of the United States, as both the Declaration of Independence and Constitution were framed and signed just a few hundred yards away. But as economic educators, this is also the birthplace of American central banking. The first Bank of the United States is just a few blocks away on Third Street, and the Second Bank is over at Fourth and Chestnut. post: FED'S HARKER: IS WORRIED MORE AND MORE ABOUT FACTORS THAT COULD THREATEN DOLLAR RESERVE STATUS post: Fed's Harker: The economy generally looks ok, but there are threats to this. post: Fed's Harker: Business and consumer confidence is waning, which is not good. post: Fed's Harker: With all this uncertainty, we don't want to move quickly.

post: Fed's Harker: We should not take any action off the table, we could move in either direction. post: Fed's Harker: We cannot let inflation expectations tick up, we need to give it a little more time to see where it will land.

Good afternoon! I thank Lyons Companies, the Alfred Lerner School of Business and Economics, and all of today’s organizers and sponsors for making this annual event possible. And of course, I thank all of you for attending and being part of it. I took note that the first edition of this convening was held in 2006, which would make today the 20th annual event. So, I further offer my congratulations on this milestone. I look forward to the discussion with Christian and Michael that will follow my remarks. I also cannot understate how much of a pleasure it is to once again be on campus at the University of Delaware. Serving as president of this institution holds a very special place in my personal and professional history as well as my heart. Throughout my tenure, I aspired to lead through the University’s motto, “Knowledge is the light of the mind.” In many ways, those words were the inspiration for us when the deci post: Fed's Harker: Progress toward 2% inflation target has slowed. post: PHIL FED'S HARKER/U DELAWARE: 'LET'S STICK TO THE GAME PLAN' AND LET RESTRICTIVE MONPOL CONTINUE TO DAMPEN INFLATION RATE IN 'BUMPY' MANNER #Harker #FederalReserve #economy

post: FED'S HARKER: CURRENT ECONOMY ARGUES FOR STEADY RATE POLICY FOR NOW. post: FED'S HARKER: I SEE INFLATION BACK TO 2% TARGET OVER NEXT TWO YEARS. post: FED'S HARKER: FED POLICY STANCE SHOULD CONTINUE TO LOWER INFLATION. post: FED'S HARKER: THE ECONOMY IS FUNCTIONING FROM A POSITION OF STRENGTH.Harker: Economic Outlook Thank you, it is my pleasure to join you all for this conference. This is the last time I will be attending a Global Interdependence Center (GIC) event as president and CEO of the Federal Reserve Bank of Philadelphia, given my upcoming retirement at the end of June. So, please, and for perhaps the last time, allow me to remind you that the views I am about to express are my own do not necessarily reflect those of my colleagues throughout the Federal Reserve System or on the Federal Open Market Committee (FOMC). I must also express my sincere thanks to GIC, and Executive Director Jill Fornito, for bringing us together. GIC’s work to enhance understanding of the underpinnings of global economic conditions through convenings such as this — whether we be central bankers, academics, or private-sector economists and experts — has prepared us to knowledgably face challenges and find opportunities. As president of the Philly Fed, I feel somewhat an obligation to, at this moment, mention our fair city’s most-celebrated citizen, Benjamin Franklin, who is widely quoted to have said, “An investment in knowledge pa

Good morning, everyone, and Happy New Year! My thanks to the leadership of the New Jersey Chapter for the invitation to start not just my day, but also my year with you. And I want to give a special thanks to my fellow South Jerseyan Rick Mroz for that warm introduction. I must pause to recognize that as we are gathered here our nation is preparing to bid farewell to former President Jimmy Carter. In fact, at this time, President Carter is on his final trip from the Capitol to Washington National Cathedral for his funeral. His life was one dedicated to service — to public service but even more so to serving people. What a tremendous legacy. It is a distinct pleasure to be with you all this morning to give you my insights and thoughts on current economic conditions and, as best I can, where I think we may be heading. But even more, I am looking forward to having a conversation with you. So, I intend to keep my remarks relatively brief so we can get to the fireside chat with Rick and then open the forum to your questions. post: PHILLY FED'S HARKER/NACD: 'STILL SEE US ON A DOWNWARD POLICY RATE PATH' IN 2025; PACE DATA DEPENDENT #Harker #FederalReserve #economy post: PHILLY FED'S HARKER/NACD: INFLATION STILL HEADING FOR 2%; GDP GROWTH SUSTAINED, LABOR MKT STABLE, CONSUMER SPENDING RESILIENT #Harker #FederalReserve #economy post: PHILLY FED'S HARKER/NACD: INFLATION 'HAS PROVEN TO BE A LITTLE BUMPY;' TAKING LONGER TO GET BACK TO TARGET THAN ANTICIPATED #Harker #FederalReserve #economy

post: FED’S HARKER DOES NOT COMMENT ON ECONOMIC, MONETARY POLICY OUTLOOKHarker: Fintech, AI, and the Changing Financial Landscape Good evening, everyone, and thank you for being here. It is truly an honor to have been invited to Carnegie Mellon to provide this University Lecture. To Provost Garrett, thank you for the tremendous welcome. I must begin by acknowledging the late CMU President Jerry Cohon, who left a truly exemplary legacy here at Carnegie Mellon. Jerry and I both had the honor of serving as university presidents at the same time — the latter half of his tenure here overlapping with six of my eight years as president of the University of Delaware. Shortly before his passing this past March, he was instrumental in bringing me and Dean Krishnan together in the informal discussion that has led to us being here. Additionally, President Cohon actually played a role, vital if indirect, in my own academic career. I did my undergraduate, graduate, and doctoral studies at the University of Pennsylvania — a school that som

Good morning, everyone, and welcome to the 8th Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia. Now, I’m not here to distract at all from today’s proceedings. But I still must preface my remarks with the standard Fed disclaimer: The views I express today are my own and do not necessarily reflect those of anyone else on the Federal Open Market Committee (FOMC) or in the Federal Reserve System. But disclaimer notwithstanding, I believe I can speak for everyone in thanking our panelists and speakers without whom this conference would not be able to work, and also the organizing partners without whom this year’s conference would not be able to happen. And I must single-out for thanks Julapa Jagtiani, who truly is the visionary behind this entire endeavor. post: FED'S HARKER DOES NOT COMMENT ON MONETARY POLICY, ECONOMIC OUTLOOK

post: FED'S HARKER: I SEE RISKS TO INFLATION AND EMPLOYMENT AS BALANCED. post: FED'S HARKER: THERE'S A RISK INFLATION COULD STALL, AND THERE IS A RISK THAT THE US LABOR MARKET COULD SOFTEN.