Patrick Harker, President of the Federal Reserve Bank of Philadelphia, addressed the central bank‘s adept handling of a challenging economic landscape in recent years.
In his remarks, Harker compared monetary policy to driving a bus, emphasizing the need for a careful balance of speed. He stressed that achieving maximum employment requires focusing on job quality rather than merely the number of jobs available.
Harker noted that the Philadelphia Fed conducts research that extends beyond traditional monetary policy, underscoring the importance of integrating both “hard” and “soft” data into decision-making processes. He highlighted the Fed’s critical role in supervising banks and ensuring financial stability.
Looking ahead, Harker pointed out potential risks, including the possibility that the decline in inflation could stall and the labor market might soften. Additionally, he mentioned that the Fed is exploring the impacts of artificial intelligence and quantum computing on the financial sector.
As of this writing, the US Dollar Index (DXY) has increased by 0.06% to reach 100.80.
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