Fed’s Harker Says Recovery Needs More Time

The President of the Federal Reserve Bank of Philadelphia, Patrick Harker, said on Tuesday that the U.S. economy needs more time to recover before reducing the current pace of asset purchases.

“I don’t want to change a whole lot until we’re clear of this ditch we’ve dug ourselves into with the pandemic.”

“Let’s see how we can start to emerge out of the pandemic, particularly on the labor market, sustainably, and then we can start the process of talking about taper. It’s premature in my view.”