Fed’s Harker Says Rate Hikes Could Be ‘Well Above’ 4 Percent by Year End Amid ‘Disappointing Lack of Progress’

Patrick Harker, president and CEO of the Federal Reserve Bank of Philadelphia, addresses an audience at the Philadelphia Fed in 2017. Courtesy of the Federal Reserve Bank of Philadelphia

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.