US FOMC Member Harker Speaks

Fed's Harker: Sees Steadiness In 'Solid' Latest Job Data - CNBC - Businesses Want Policy Certainty, Not Getting It - Much Of Tariff Impacts ‘Yet To Be Felt’ Fed's Harker: Fed Rate Policy Is ‘Modestly Restrictive’ - CNBC - Now Is Time For To Hold Steady, Watch Data Fed's Harker: Taking preemptive action would be a mistake. FED'S HARKER Q&A/CNBC: 'CLEAR RISKS TO THE UPSIDE;' FED SHOULD 'SIT HERE' AND WATCH WHAT HAPPENS; COULD SEE A RATE CUT IN SECOND HALF OF THE YR #Harker #FederalReserve #economy

FED'S HARKER: ESTIMATING TARIFF IMPACT IS A MOVING TARGET BUSINESSES COMMUNITY MAINLY WANTS STABILITY IN TRADE POLICY AT THIS POINT Fed's Harker: No Rush To Shrink Size Of Balance Sheet

Good afternoon, everyone, and once again welcome to the Federal Reserve Bank of Philadelphia. Thanks to Paul for that introduction. As many of you know, Paul leads the Philly Fed’s Beige Book effort, speaking with contacts and analyzing a host of regional economic data. He is also a multiple Beigies winner and, he may not like that I share this, is also the Federal Reserve System’s foremost expert in the regional impact of Taylor Swift. In every case, Paul, thank you for all you do. And I also give my thanks to the Philadelphia Council for Business Economics (PCBE) and, more broadly, the National Association for Business Economics (NABE), for their strong standing relationship with the Philly Fed. We are aligned not just in providing a location here at the Bank for regular meetings, but also in our mutual goal of ensuring an open forum for the timely discussion of economic issues impacting both the city and region. We all look forward to welcoming NABE’s annual meeting to Philadelphia this fall. I suspect you were drawn here this afternoon more by the lunch than to hear me speak on the economic outlook. Nonetheless, I will do my best to make our time together worthwhile. Today also marks my last spe Fed's Harker: Amid uncertainty, the Fed must wait and see on next policy steps. Fed's Harker: It is entirely possible that the Fed may face rising inflation and unemployment at the same time. PHILLY FED'S FED'S HARKER/BIZ COUNCIL: WARNS ABOUT POSSIBLE FUTURE IMPACTS OF HIGHER DEBT ON ECONOMY AND MONPOL #Harker #FederalReserve #economy Fed's Harker: The economy faces many different possible paths.

Upward economic mobility. It is the basis of the American Dream — that we can work and save and, through time, continually move up the ladder of success. But for too many Americans, this analogy of the economic ladder doesn’t just fall short, it seems entirely out of place. Instead of a ladder, these workers and their families find themselves on something more akin to a treadmill. They continue to put one foot in front of the other, yet they feel as if they’re stuck in place. Even worse, some feel as if the incline on their treadmill is increasing, so they’re not just staying in place but they’re working harder to do so. And with that, their American Dream doesn’t just remain out of reach but is moving further away. The lived experiences and economic realities of these workers and their families are impacted by both pillars of the Federal Reserve’s dual mandate. First, we know matters of price stability directly impact families, especially those already working hard just to meet their basic living expenses. And then there is the Fed's second charge — maximum employment. I have written before that while there may be a textbook definition of maximum employment — the highest level of employ Fed’s Harker does not comment on economic, monetary policy outlook

Good afternoon. It is an honor and a pleasure to be here. Thank you, Adam, for that wonderful introduction. And thank you, as well, to Dr. Mary Kelly for the invitation to speak this evening. This is the second year in a row that I’ve been asked to come out to Villanova and speak and I cannot say how much I appreciated the return invite. As president and CEO of the Federal Reserve Bank of Philadelphia, I get to speak before and meet with a tremendous variety of people. And I'm lucky that includes getting back to my roots in academia — as president of the University of Delaware, and before that as dean and professor at the Wharton School at the University of Pennsylvania — and interacting with students. So, because of this, I want to make sure I leave plenty of time for us to interact. So, I’ll get on with my prepared remarks and then we can have a conversation. Right at the top, I must do away with a little piece of official business, and that is the standard disclaimer that I must make before every public appearance: The views I express this evening are my own and do not necessarily represent those of anyone else in the Federal Reserve System or my colleagues on the Federal Open Market Committee (FOMC). By the end of this evening, I hope I will have provided some insight into how I view my work with the Federal Reserve and, in particular, the Philadelphia Fed. Perhaps most important, I hope I may say something that might inspire you to consider the Federal Reserve System as a place in which you can envision yourself for your career. For those of you who are studying economics, specifically, the Federal Reserve is arguably the largest employer of economists in the United States. Even for those of you who are not on track to become economists, there may be a future for you at the Fed, as well. And I say this from experience. Full disclosure, I didn’t major in economics. I majored in engineering, specifically civil engineering. Further, engineering is what I hold my doctorate in! I am what you could call an “accidental economist.” Some years ago, I was working on an engineering problem related to railroads and I realized that to truly appreciate the impacts of the project, I needed to understand the economics of the project, as well. So, back to school I went! In the end, it all makes sense, because both engineering and economics are disciplines in which the end goal is to understand how systems work so that we can improve them and make them more efficient and effective. But I am getting way ahead of myself. Fed's Harker speech - no remarks on his economic or monetary policy outlook https://t.co/qQ9Bm7vpCX

Good afternoon and, once again, welcome to the Federal Reserve Bank of Philadelphia. My thanks to you all for being here, to Paul Laux and all the other organizers from the University of Delaware for leading the effort organizing this conference, and to my colleague Vitaly Meursault for his leadership on behalf of the Philly Fed. If there’s one thing I’ve learned during all my time as president and CEO of the Philly Fed, and before this as president of the University of Delaware and dean of the Wharton School at the University of Pennsylvania, it’s to never speak more than necessary, especially when lunch is involved! So, I hope to keep my remarks relatively brief. As many of you may know, for each of the past seven years, the Philadelphia Fed has convened a fall conference focused mostly on the consumer side of the fintech space. This conference has helped make our Bank a thought leader at the heavily trafficked intersection of finance and technology. Fed’s Harker does not comment on economic or monetary policy outlook.

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. FED'S HARKER: IS WORRIED MORE AND MORE ABOUT FACTORS THAT COULD THREATEN DOLLAR RESERVE STATUS Fed's Harker: The economy generally looks ok, but there are threats to this. Fed's Harker: Business and consumer confidence is waning, which is not good. Fed's Harker: With all this uncertainty, we don't want to move quickly.

Fed's Harker: We should not take any action off the table, we could move in either direction. 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.