Fed’s Evans, Harker see potential for four rate increases in 2022

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Patrick Harker, head of the Philadelphia Fed bank, said the ‘inescapable logical conclusion’ of high inflation and a strong jobs market is tighter policy.

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Federal Reserve Bank of Philadelphia president Patrick Harker and Chicago bank leader Charles Evans joined the widespread calls by their policy-making colleagues for higher interest rates this year.

Harker joins a large group of Fed officials -- led by St. Louis Fed president James Bullard and including one-time doves such as San Francisco leader Mary Daly -- in urging a near-term rate hike following the tapering of asset purchases, which is scheduled to end in March. Chicago’s Evans -- who in December had penciled in three rate increases for 2022 -- said a fourth hike could be on the cards if price pressures didn’t improve.

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