Fed official Harkel: Fed should not consider more rate hikes

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Philadelphia Fed President Patrick Harker said the Fed will not increase economic pressure by raising borrowing costs.

The Fed should not consider raising interest rates at this time.

He reiterated that rate hikes may be over and inflation is coming back down.

In the absence of some improvement in economic data, the Fed should keep interest rates steady.

Fed should not consider further rate hikes

At press time, the U.S. Dollar Index (DXY) was trading around 106.25, maintaining a relatively high level, with an intraday gain of 0.05%.