The President of the Federal Reserve (Fed) of Philadelphia, Patrick Harker expressed his view that the implementation of interest rate increases by the central bank will be completed soon.
Speaking about the economic outlook at an event on Tuesday, Harker said the full impact of monetary policy actions could take up to 18 months on the economy.
As such, policymakers will continue to scrutinize incoming data to determine additional action if needed.
Even so, Harker insisted that the Fed's stance still adheres to efforts to return inflation to the 2% target.
At its March policy meeting, the central bank had signaled that most policymakers expected one more hike before halting it.
In a question-and-answer session after his speech, Harker acknowledged that he was one of the policymakers who supported the action.
According to him, recent inflation readings show that the decline in inflation is happening at a slow rate and it is disappointing.
Nevertheless, the Fed is already starting to see promising signs that its aggressive hikes are working, especially to lower home prices.
The US inflation data that will be published tonight, is not only the main focus of the market but also the Federal Reserve (Fed).
