April 3, 2017 / 7:14 PM / a year ago

Harker still backs two more Fed rate hikes this year

PHILADELPHIA (Reuters) - The Federal Reserve should plan to raise interest rates twice more this year so to avoid getting behind the curve but also to avoid rushing its tightening plans, Philadelphia Fed President Patrick Harker repeated on Monday.

FILE PHOTO: A man walks past the Federal Reserve Bank in Washington, D.C., U.S. December 16, 2015. REUTERS/Kevin Lamarque/File Photo

“I still think that’s the right call,” he said of the pace of rate hikes, which is in line with the median Fed forecasts, and which he called “gradual.”

“I don’t want to get behind the curve, but I don’t think we need to rush, either,” he added in a speech at the University of Pennsylvania on digital money.

The U.S. central bank raised rates a notch in March, its second such move in three months, in a nod to steady jobs growth and signs that inflation may be on the upswing. Harker is one of 10 voters on monetary policy this year, under a rotation.

Reporting by Jonathan Spicer; Editing by Meredith Mazzilli

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