Fed's Harker: soft landing possible, not forecasting recession

05/18/2022 | 04:35pm

(Reuters) - Philadelphia Federal Reserve Bank President Patrick Harker on Wednesday said he believes the central bank can bring inflation down without sending the economy into a recession, in part because the labor market is currently strong.

"We may have a few quarters of negative growth, but again, that's not what I'm estimating, what I'm forecasting right now," Harker said in a virtual event with the Mid-Size Bank Coalition of America, adding the economy can withstand a "measured" and "methodical" tightening of financial conditions that would bring down demand. "We don't want to overdo it, but we have to act."

(Writing by Ann Saphir; Editing by Chris Reese)

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