Investing.com – Federal Reserve (Fed) Bank of Philadelphia president Patrick Harker reiterated his support Thursday for one rate hike by the end of the year.
Harker pointed to the fact that he expects to see a stronger economy in the second half of the year and that there were signs of some wage pressure, although he said he was keeping an eye on business investment.
In the interview with Fox news, Harker further indicated that he would not take any of the meetings off the table for the Fed to move forward with policy tightening.
Harker does not have a vote on the Fed’s policy decisions until next year.
Markets are skeptical that the Fed will hike rates next month, pricing in a probability of just 10.3%, according to Investing.com's Fed Rate Monitor Tool.
Experts suggest that the U.S. central bank will likely avoid making a move at the meeting that comes less than a week ahead of the presidential elections.
Odds for a December rate hike stood at 65.9%.
Later Thursday, Harker is scheduled to speak on the economic outlook at the World Affairs Council of Philadelphia.
Market participants are looking ahead to a speech from Fed chair Janet Yellen on Friday to gauge her current stance on the timing of a rate hike.
Stay up-to-date on market expectations for future Fed policy moves by visiting:
http://www.investing.com/central-banks/fed-rate-monitor