Parick Harker, Speech: Economic Outlook, The More Things Change

“Going forward, if there are no significant changes in the data in the coming weeks, I expect two additional 50 basis point rate hikes in June and July. After that, I anticipate a sequence of increases in the funds rate at a measured pace until we are confident that inflation is moving toward the Committee’s inflation target. This will be dependent on where the data are. Because I can tell you this: One thing that has not changed since last January is the generally elevated level of uncertainty about our current economic path. Reality has a way of interceding — and at no time has that been more apparent than over the past two years.”

“Overall, despite a contraction in the first quarter, I expect growth of about 3 percent this year. Underlying demand growth remains strong, and the job market should stay tight through 2022.”