TechFlow reported on January 9 that Philadelphia Fed President Harker said the Fed will move forward with rate cuts as planned, but the timing will depend on economic data. The Fed's benchmark interest rate has been cut by 100 basis points since September 2024.

Harker stressed that while inflation is slow to return to the 2% target, the overall economy remains strong. He pointed out that global risks include geopolitical conflicts, political instability in Europe, and the potential impact of avian influenza on food costs. The Fed's December meeting predicted two rate cuts this year, down from the previous expectation of four.