Fed’s Harker tells CNBC he expects no more rate cuts this year

By Michael S. Derby

NEW YORK (Reuters) – Federal Reserve Bank of Philadelphia President Patrick Harker said Thursday he doubts the U.S. central bank will need to raise interest rates again, in an interview with CNBC.

“Right now I think that we’ve probably done enough” and with monetary policy in a restrictive stance, it’s probably a good idea to hold steady for the rest of this year and see how that affects the economy, Harker said.

Harker spoke to the television channel on the sidelines of the Kansas City Fed’s annual research conference in Jackson Hole, Wyoming. He was the first Fed official to weigh in ahead of a hotly anticipated speech Fed Chairman Jerome Powell is scheduled to give on Friday morning.

Harker is a voting member of the rate setting Federal Open Market Committee meeting. That body meets next month and there is considerable uncertainty over whether it will follow its July rate rise with another increase then.

(Reporting by Michael S. Derby)