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Philadelphia Federal Reserve President Patrick Harker on Thursday said he expects the central bank will raise interest rates to “well above” 4 percent this year in an effort to tame soaring and persistent inflation.
Harker made the remarks during a speech at an event with the Greater Vineland Chamber of Commerce in Vineland, New Jersey, CNBC reported, where he also took aim at the Fed’s failure to make drastic progress in cooling down red-hot inflation.
“We are going to keep raising rates for a while,” Harker said. “Given our frankly disappointing lack of progress on curtailing inflation, I expect we will be well above 4 percent by the end of the year,” he added, in reference to the current federal funds rate target of between 3 percent and 3.25 percent....