NEW YORK (Reuters) - Philadelphia Federal Reserve president Patrick Harker, echoing the comments of at least two of his colleagues at the Fed, said the U.S. central bank will push inflation a bit above its 2-percent target even as it continues to gradually raise interest rates.
With the Fed’s preferred inflation gauge currently at 1.7 percent, it is “within shooting distance of our target” of 2 percent, Harker said on CNBC. “We are moving in the right direction. There will be a little bit of an overshoot and that’s ok. It’s appropriate.”
The comments mirrored those of Fed Chair Janet Yellen on Wednesday and Chicago Fed President Charles Evans earlier on Monday.
Reporting by Jonathan Spicer; Editing by Chizu Nomiyama