Fed’s Harker says he worries inflation won’t be as transient as expected

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FILE PHOTO: The Federal Reserve building is pictured in Washington, DC

NEW YORK (Reuters) – While he does not expect inflation to spiral out of control, Philadelphia Federal Reserve Bank President Patrick Harker said he is worried inflationary pressures may not be as transient as expected.

“I am in the camp of being more worried that inflation isn’t as transient as we think,” Harker said during a virtual event organized by the New Castle County Chamber of Commerce. The Fed official said some “supply chain constraints are pretty severe” and some business leaders expect it could be years before conditions return to pre-pandemic levels.

(Reporting by Jonnelle Marte)

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