Fed’s Harker says central bank won’t let inflation run out of control

(Reuters) – The Federal Reserve is going to keep interest rates “low for long” as it supports the healing labor market and works to kindle higher inflation, but it will not let inflation get out of control, Philadelphia Fed President Patrick Harker said on Wednesday.

“We’re willing to overshoot inflation a little bit, not let it run out of control,” Harker said during a virtual event organized by the Chamber of Commerce for Greater Philadelphia. “But let it ride a little above 2% and bring the labor markets back to health.”