Fed's Harker backs interest rate policy to remain stable

Federal Reserve official Harker expressed optimism about the U.S. economic situation, and said he sees no reason to change the interest rate policy at this time, because the Federal Reserve is continuing to work to reduce the level of inflation. Harker said the current data show that the U.S. economy will continue to operate in a strong manner. Inflation is still high, but over time, in the resilient economic growth and balanced job market, inflation seems to be expected to ease, these are enough reasons to keep the policy rate stable. He expects inflationary pressures to continue to subside and return to the 2 per cent target over the next few years and said, ‘While I won't commit to a specific timetable, I remain optimistic that inflation will continue to move downwards and that the policy rate will be able to come down over the longer term.’ (GOLDEN TEN)