Fed's Harker sees 'sound' economy, forecasts future rate hike
The U.S. economy could still deliver 'sound' growth and warrant a single rate hike 'at most' this year, a Federal Reserve policymaker said on Wednesday. Federal Reserve Bank of Philadelphia President Patrick Harker said a strong labor market, muted inflation and ongoing growth 'point to a fundamentally sound U.S.
The U.S. economy could still deliver "sound" growth and warrant a single rate hike "at most" this year, a Federal Reserve policymaker said on Wednesday.
Federal Reserve Bank of Philadelphia President Patrick Harker said a strong labor market, muted inflation and ongoing growth "point to a fundamentally sound U.S. economy." But he noted there is enough uncertainty that policymakers should be "patient as the data roll in."
"I continue to be in wait-and-see mode, and my outlook for rates remains, at most, one hike for 2019 and one for 2020," Harker said in a speech delivered at the Greater Vineland Chamber of Commerce in New Jersey. The remarks largely reiterated views Harker has presented in other recent speeches.
Harker does not vote on the rate-setting Federal Open Market Committee this year but participates in its deliberations.
After its March meeting, the Fed released projections that reduced the number of hikes expected this year to zero from the two forecast in December. That completed a pivot to a less- aggressive policy in the face of an apparent jump in economic risks, including the U.S.-China trade conflict and a global slowdown. At least nine of the Fed's 17 policymakers reduced their outlook for the fed funds rate.
The central bank currently targets short-term rates between 2.25%-2.50%.
Data released on Wednesday showed the U.S. trade deficit fell to an eight-month low in February as imports from China plunged, providing a boost to economic growth in the first quarter.
The Atlanta Federal Reserve bumped up its gross domestic product growth forecast to a 2.4% pace from smaller estimates previously.
(Reporting by Trevor Hunnicutt in New York; Editing by Dan Grebler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Andrea Shalal WASHINGTON (Reuters) -The United States said on Thursday it would boost public climate finance to help poor countries reduce greenhouse gas emissions and adapt to a changing climate, doubling funding by 2024 from high average levels hit during the Obama administration. The White House said it was embracing "ambitious but attainable goals" for international aid to developing countries, given the urgency of the climate crisis and to compensate for a sharp drop in U.S. funding during the Trump administration.
(Removes extraneous word 'while' in paragraph 3) (Reuters) -Pregnant women infected with COVID-19 and their newborn children face higher risks of complications than was previously known, a study by British scientists showed on Friday. An infection of the new coronavirus in such newborns is associated with a three-fold risk of severe medical complications, according to a study conducted by scientists at the University of Oxford. (https://bit.ly/3tNwkJ7) Pregnant women are at higher risk of complications such as premature birth, high blood pressure with organ failure risk, need for intensive care and possible death
MADRID (Reuters) -Anonymous death threat letters with bullets enclosed in the envelopes have been sent to two of Spain's top security officials and the leader of the hard-left Unidas Podemos party, officials said on Friday, adding police are investigating.