Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank’s September rate cut because the economy is strong and said he thinks the Fed should “hold firm” on interest rates. Harker said that while inflation is currently below target, he expects it to reach the coveted 2% growth level over the next 18 months to two years. He said a robust labor market and strong consumer spending should sustain economic growth and lift inflation. “The labor market continues to show remarkable strength, and we’re creating jobs above the rate we need to keep pace with growth,” he ... (full story)