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The Federal Reserve Bank of Philadelphia President, Patrick Harker said on Tuesday that the central bank made the right choice last week to maintain interest rates steady amid an outlook that likely heralds more inflation declines, per Reuters.
Key quotes
“The data point to continued disinflation, to labor markets coming into better balance, and to resilient consumer spending—three elements necessary for us to stick to the soft landing we remain optimistic to achieve.”
“Fed decision to hold rates was the correct decision.”
“Data shows inflation is falling and the labor market is in better balance.
“Consumer spending has been resilient.”
"Economy is on track for a soft landing.”
“The runway at our destination is in sight.”
Market reaction
The US Dollar Index (DXY) is trading lower on the day at 104.15, as of writing.
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