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PATRICK HARKER, President and CEO of the Federal Reserve Bank of Philadelphia

REUTERS: Fed's Harker says he does not expect rates to rise until taper is complete

Philadelphia Federal Reserve Bank President Patrick Harker said on Monday that he does not expect interest rates to rise until after the central bank is done tapering its asset purchases, but that the Fed is prepared to act on high inflation if needed.

“I don’t expect that the federal funds rate will rise before the tapering is complete,” Harker said during a virtual event organized by the Economic Club of New York. “But we are monitoring inflation very closely and are prepared to take action, should circumstances warrant it.”