Fed's Harker: Need to start the rate cut process as long as the data does not have any surprises

On August 22nd, Golden Ten Data reported that Philadelphia Fed President Harker said on Thursday that he supports rate cuts in September as long as the data meets his expectations. Harker said in an interview, ‘For me, if we don’t have any surprises in the data between now and then, I think we need to start the process of cutting interest rates.’ Harker said that the scale of any particular action is less important than the overall magnitude of the interest rate cut. ‘I think a slow, steady reduction in interest rates is the right approach,’ he said. He said that the business people he had contacted called for predictable action and did not want rate cuts to be in line with the aggressive rate hikes that will raise the Interest Rate from near-zero levels in the spring of 2022.