1/15, 5:08 PM (Source: TeleTrader)
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Fed's Harker: Change to 2% inflation not on table

President of the Federal Reserve Bank of Philadelphia Patrick Harker said on Wednesday that a "change to our 2% inflation goal is not on the table. But it is nonetheless a wide-ranging review."

He added that staff at the Philadelphia and New York Feds were among the first to identify that the need for reserves could be much larger than initially anticipated. he said repo market hasn't been frozen and that the "volume of secured overnight finance remained steady, at the $1.2 trillion level it had maintained for the past several months."

Harker noted that they expect to reach some preliminary findings regarding the "makeup strategies" by midyear, but we also expect these conversations to be ongoing.

Breaking the News / TF