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Fed’s Harker says he doesn’t expect rate hikes until late 2022 or early 2023

Patrick Harker, President and CEO of the Federal Reserve Bank of Philadelphia

  • says it will soon be time to start phasing out the Fed’s monthly asset purchases
  • he expects GDP growth to be around 5.5% in 2021 and 3.5% in 2022
  • he would not expect any interest rate hikes until late 2022 or early 2023 unless the inflation picture changes dramatically
  • he expects inflation to hit 4% for 2021 before dropping to “just over” 2% next year

Fed officials sing in unison about the coming decline. November seems to be the date set in pencil for the start of the process.