The Federal Reserve should ‘skip’ a further increase in interest rates at its next rate-setting meeting on 13-14 June, according to Patrick Harker, president of the Federal Reserve Bank of Philadelphia. Opening an OMFIF and Philadelphia Fed meeting at the bank’s headquarters on 31 May, Harker laid down a policy of trying to bring back inflation to around 2% over a more extended period, rather than trying to ‘dramatically’ cut it and unduly harm the labour market. In a Q&A session with Mark Sobel, OMFIF US chairman, Harker said he was in a ‘camp’ on the Federal Open Market Committee moving to the notion of ... (full story)