Fed's Patrick Harker said he thinks one rate cut would be appropriate this year based on his current forecasts, underscoring signals that rates are likely to remain elevated. "If everything goes as expected, I think one rate cut by the end of the year would be appropriate," Harker said. "In fact, I think there's a good chance that we'll get two or zero rate cuts this year, depending on which way the data is going. So we're going to remain data dependent." The Philadelphia Fed president currently expects economic growth to slow but remain above trend, with unemployment rising modestly. He also believes a return to the Fed's inflation target will be a "long process."