Patrick Harker, Speech: The Economy and the Job Market, Where We’re Going, Where We’ve Been

“Inflation is widespread. It is showing up throughout a vast array of goods that comprise the CPI “basket.” Both goods and services are experiencing inflation.”

“This is why last month we announced we were raising the federal funds rate for the first time since 2018. We raised our target by 25 basis points, and I expect a series of deliberate, methodical hikes as the year continues and the data evolve. I also anticipate that we will begin to reduce our holdings of Treasury securities, agency debt, and mortgage-backed securities soon. While the Fed cannot do much to ameliorate the supply issues that are increasing inflation, we can begin to affect demand.”