Comments to reporters

He adds:

  • With no sign of inflation, Fed should keep powder dry until clear how tax reform will impact economy
  • Lack of wage pressure is behind his cautious stance on further rate increases
  • Fed should avoid any action that heightens risk of inverted yield curve
  • Favors a slow and steady rate hike path
  • Helpful to get inflation above 2% for a while
  • Does not see significant signs of economic overheating

Harker commented earlier that to rate hikes in 2018 seemed appropriate. In the last Fed dot plot, the consensus was for 3 hikes in 2018