According to Jinshi Data, Philadelphia Fed President Harker said he supports a rate cut in September as long as the data meets expectations. Harker believes that a slow and methodical rate cut is the right approach.

Harker noted that the overall magnitude of rate cuts is more important than the size of any specific move, and he mentioned that business people want predictable actions and do not want rate cuts to be similar to the aggressive rate hikes in the spring of 2022.