Patrick T. Harker, President of the Federal Reserve Bank of Philadelphia
Charles Mostoller | Bloomberg | Getty Images
Philadelphia Fed President Patrick Harker said Thursday that while he reluctantly supported the central bank's interest rate cut in July, he does not see the matter for further stimulus.
"We're about where neutrals are. It's hard to know exactly where neutrals are, but I think we're about where neutrals are right now. And I think we should be here for a while and see how things play out," said Harker told CNBC's Steve Liesman of the Central Bank's annual symposium in Jackson Hole, Wyoming.
Harker, who is not a current FOMC voting member, said that while he offered lukewarm support for the central bank's 25 basis points cut in July, he prefers to wait and see before advocating for easier relief.
Asked if he sees a case for further stimulation, Harker replied "No. Not right now."
"Labor markets are strong, inflation is slowly rising ̵
Following comments from Harker, the bond market's main yield curve was reversed for the third time in less than two weeks. The return on the 2-year Treasury was 1.601%, while the 10-year return was below 1.597%, which led to the inversion.