Fed’s Harker says Fed should not be considering more rate increases

NEW YORK (Reuters) – Federal Reserve Bank of Philadelphia President Patrick Harker said on Monday the central bank should not create new pressures in the economy by increasing the cost of borrowing.

“We should not at this point be thinking about any increases” in the Fed’s rate target, Harker told a bankers’ group after a speech in which he had again reiterated his belief the Fed is done raising rates in an environment where inflation pressures are ebbing.

(Reporting by Michael S. Derby; Editing by Chris Reese)