Fed’s Harker supports rate above 3.4% and then ‘sit for a while’

The Federal Reserve should continue raising it benchmark interest rate until it is over 3.4% and then “sit for a while,” said Philadelphia Fed President Patrick Harker on Thursday.

“We don’t need to rush way up and then rush way down,” Harker said, in CNBC interview from the Fed’s retreat in Jackson Hole.
“We need to go up and sit for a while later”, Harker added. Philadelphia Fed President Patrick Harker will be a voting member of the central bank’s interest-rate committee next year.