The U.S. Federal Reserve may be close to meeting the inflation mandate set for raising interest rates, Philadelphia Fed Bank President Patrick Harker said, but it may be a year or longer before the central bank’s employment goal is met to allow for an actual rate increase.
After running high this year because of the pandemic, inflation is likely to come down closer to the Fed’s 2 percent target over the next couple of years, Harker said in an interview with Reuters on Thursday.
