Fed's Harker: Could call for more rate hikes if inflation retreat stalled

Federal Reserve Bank of Philadelphia President Patrick Harker told Bloomberg on Friday that he doesn't see the need now for additional rate increases but added that he could call for more hikes if inflation retreat stalled.

Additional takeaways

"Should hold rates steady and see how policy affects the economy."

"Labor markets are cooling."

"Doubt rate cuts will be on the table until some point next year."

"We have to get inflation back to 2%."

Market reaction

The US Dollar Index retreated slightly from the multi-month highs after these comments and was last seen rising 0.32% on the day at 104.32.