Federal Reserve Bank of Philadelphia President Pat Harker said Monday he continues to pencil in one interest rate increase this year and possibly another in 2020, citing that transitory factors likely contributed to recent softness in inflation. While he's watching inflation carefully, he has yet to revise down his medium term forecast from slightly above 2%, "because I suspect some of the recent weakness is transitory," he said. "If any component of the outlook were to affect my view on the appropriate path of monetary policy, it would be inflation. However, we're not there yet, and it would take more data to ... (full story)