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Patrick T. Harker, president of the Federal Reserve Bank of Philadelphia
Philadelphia Federal Reserve President Patrick Harker told CNBC on Monday he can’t factor in policy aspirations from President Donald Trump and the Republicans who control Capitol Hill until they become law.
Until the Trump administration’s policy changes are in place, it is unclear how they will affect the economy, he said.
Three Federal Reserve interest rate hikes for 2017 still make sense, so getting one of them out of the way in March allows central bankers to spread them out during the year, Harker said on “Squawk on the Street.” He’s is a voting member this year on the central bank’s policy-setting committee.
In a highly anticipated move last week, the Fed voted to increase interest rates, just the third increase in nearly 11 years. The Fed still projects two more rate hikes this year.
In a Monday interview on “Squawk Box,” Minneapolis Fed President Neel Kashkari, the lone dissenter at the March meeting, said he voted against the rate hike because inflation is still below the central bank’s 2 percent target and the labor market keeps improving.