May 21, 2018 / 7:56 PM / a year ago

Fed's Harker looking for sustained U.S. inflation near target

NEW YORK, May 21 (Reuters) - A top Federal Reserve policymaker said on Monday he wants to see inflation remain near a 2-percent target on a sustained basis before backing three more interest rate hikes this year.

“To see that sustained,” he said when asked what would convince him to back three hikes this year, as opposed to the two he currently expects. “My best guess is that it will be sustained but I’d like to see that in a little more detail,” he told reporters.

Harker, a centrist, added he is not yet seeing a “rapid acceleration” of inflation after the Fed’s core measure hit 1.9 percent in March.

Reporting by Jonathan Spicer Editing by Chizu Nomiyama

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