Fed could still hike rates in first half of year, Philadelphia Fed President says

The Federal Reserve could still raise interest rates in the first half of this year.
The Federal Reserve could still raise interest rates in the first half of this year.PHOTO: AFP

NEWARK (Reuters) - The Federal Reserve could still raise interest rates in the first half of this year despite currently below-target US inflation and financial market turmoil, a Fed policymaker said on Tuesday (Feb 16).

"I wouldn't take anything off the table at this point,"Philadelphia Fed President Patrick Harker said at the University of Delaware, adding there is "no real need" now to hike rates.

"We are starting to see ... some wage pressure starting to build," he added. "That will take a while to transmit through the economy through inflation."