×

June rate hike appropriate unless data weakens: Fed's Harker

Patrick Harker, president and chief executive officer of the Federal Reserve Bank of Philadelphia.
Charles Mostoller | Bloomberg | Getty Images
Patrick Harker, president and chief executive officer of the Federal Reserve Bank of Philadelphia.

The Federal Reserve should hike interest rates at a mid-June policy meeting unless data before then shows the U.S. economy is falling off its positive track, Philadelphia Fed President Patrick Harker said on Monday.

"If the data comes in and it's not consistent with my view of the strength in the economy, then I would pause. But otherwise I think a June rate increase is appropriate," Harker told reporters.

"But again, it does depend on what that data looks like," he said, citing employment and inflation reports expected before the June 14-15 policy meeting.