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Philadelphia Fed President Patrick Harker told reporters in a speech on Tuesday that the Federal Reserve should consider another interest rate hike as early as next month if the US economy continues to improve as it has of late.
"This economy is really quite resilient to a lot of the headwinds (including the strong dollar), so if that continues I would be supportive of another 25 basis point rise." said Harker
Harker who had urged patience last month spoke strongly about the need to not shy away from possible rate hikes and added that monetary policy would still be "incredibly accommodative" even after another three rate rises, which would put the federal funds rate just above 1 percent.
"Barring some unforeseen headwinds which are always possible, then I think it's appropriate to consider every meeting live ... and to consider another 25 basis-point rise" if employment and job growth improves and core inflation rises as they recently have, he said.
