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Federal Reserve's Harker stated that he anticipates it might be suitable to reduce interest rates once this year, indicating that rates could remain elevated. "If everything goes as expected, I think it would be appropriate to cut rates once before the end of the year," Harker said. He added that there might be one rate cut, two rate cuts, or none at all this year, depending on the data. Hence, they will continue to rely on the data. The Philadelphia Fed President foresees economic growth to decelerate but stay above the trendline, with a slight increase in the unemployment rate. He also mentioned that returning to the Fed's inflation target will take a long time.