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Federal Reserve's Harker stated that based on his current forecast, he believes it is appropriate to cut interest rates once this year, emphasizing the signal that rates may remain high. "If everything goes as expected, I think it would be appropriate to cut rates once before the end of the year," Harker said. "In fact, I think it's likely that there will be either one rate cut, two rate cuts, or none at all this year, depending on the direction of the data. Therefore, we will continue to be data-dependent." The Philadelphia Fed President currently expects economic growth to slow but remain above the trendline, with a moderate rise in the unemployment rate. He also believes that returning to the Fed's inflation target will be a "long process."