Fed's Harker: Fed still on rate-cut path, future moves driven by data

Philadelphia Federal Reserve President Patrick Harker said on Thursday that the US central bank is still expected to continue to cut rates but explained that the path will depend on data, per Reuters.

Key takeaways

"Underpinnings of economy strong amid high uncertainty."

"Fed must be data-dependent amid high uncertainty."

"Labor markets stabilized, are in better balance."

"Job creation pace has normalized."

"It is taking longer to get back to 2% inflation than expected."

"Fed has had success getting inflation down from peak."

"More of overall consumer spending resting on higher incomes."

Market reaction

The US Dollar Index showed no immediate reaction to these comments and was last seen posting small daily gains at 109.07.