Two Fed Reserve bank presidents voiced their support for a rate increase in the near term during Friday speeches.
In his first public comments on monetary policy since becoming the Philadelphia Federal Reserve president, Patrick Harker said he would like to see rates raised sooner rather than later.
The U.S. Federal Reserve risks losing its credibility and only adds uncertainty to the economic landscape the longer it takes to normalize policy, he said in prepared welcome remarks before "The New Normal for the U.S. Economy" forum hosted by the Philadelphia Fed.
Harker explained his view that, with an early start, the Fed can better ensure that monetary accommodation is removed gradually and that inflation returns to the central bank's 2 percent target smoothly.