• 7% inflation is "very high, very bad"
  • We can do something.. by hiking rates
  • Would support fewer rate hikes if inflation does in fact start to come down
  • Currently have three rate hikes in for this year, open to starting in March

His comments aren't anything that deviates from the base case view of the Fed at the moment. On the balance sheet runoff, Harker says that he is "very much in the camp of communicating over and over how we’re going to do this and then being methodical". But says that the Fed can begin the process once rates are "sufficiently away" from zero.