Federal Reserve Bank of Philadelphia President Patrick Harker stated on Friday that the Fed is "clearly going to hold [rates at current levels] through the end of the year."
During an interview with Yahoo Finance on the sidelines of the Jackson Hole symposium, the banker said that rate cuts will only be considered next year, with rate hikes dependent on inflation.
Finally, Harker reiterated that the Fed must maintain its tightening stance and must keep up the pressure. It will take some time to reach the inflation target.