Fed’s Harker sees interest rate “well above 4 percent by the end of the year”
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Philadelphia Fed President Patrick Harker said on Thursday they are not done with raising its short-term interest rate target amid very high levels of inflation, as reported by Reuters. He added the Fed will find space “next year to pause the tightening process”. According to him, the interest rate will be above 4% by the end of 2022.
After a decline following the beginning of the American session, the US Dollar trimmed losses. The DXY bottomed at 112.16 and as of writing, trades at 112.62, down by 0.25% for the day.
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