Fed's Harker says central bank has built up a lot of credibility
By Michael S. Derby
NEW YORK, April 22 (Reuters) - Federal Reserve Bank of Philadelphia President Patrick Harker said Tuesday that trust in the central bank is one of its greatest powers right now.
“What we have that's been built up over time is an incredibly precious resource at the Fed, which is our credibility, what we do, what we say, we don't just wing it,” Harker said at a conference held at his bank on economic mobility. This credibility has built up over time “by being politically independent and as objective as human beings can be.”
Harker did not comment on monetary policy in his remarks, which came as the central bank continues to face pressure from President Donald Trump to cut rates despite inflation over the 2% target and the prospect price pressures will worsen this year due to the president’s trade regime.
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