More from Harker: zero interest rates are not normal and cause distortions
More from Harker: zero interest rates are not normal and cause distortions, he added in answering audience questions, and said rates have been too low (but not dramatically low) for too long. Hence he supports the gradual tightening posture and believes the economy can withstand such a pace. He did not include any fiscal measures in his economic forecasts, as they are still too uncertain. Where growth is lacking is in business spending, he noted. He also wants to increase the labor force. This is the first time Harker will be voting on the FOMC and it looks as though he'll track a center-right path for now, in line with the general leanings of the Philly Fed.