July 9, 2019 / 2:43 PM / in 13 days

Fed's Harker sees 'no immediate need' for U.S. interest rate cut: Wall Street Journal

(Reuters) - Federal Reserve Bank of Philadelphia President Patrick Harker said he does not currently see an “immediate need” to change interest rates, according to the Wall Street Journal.

“There’s no immediate need to move rates in either direction at this point in my view,” the newspaper quoted Harker as saying in an interview on Monday, reiterating his views from earlier this year.

Harker, who does not vote on the Fed’s rate-setting committee this year but participates in its deliberations, said rate cuts would be warranted if the U.S. economy was “weakening substantially” but that he does not see that happening currently.

Reporting by Trevor Hunnicutt in New York; Editing by Chizu Nomiyama

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