Federal Reserve Bank of Philadelphia President and CEO Patrick Harker emphasized the need for a "certain and deliberate" approach to monetary policy in light of ongoing economic uncertainties. In his final speech as president, delivered to the Philadelphia Council for Business Economics, Harker remarked on the resilience of America's economy but acknowledged existing stressors.

“America’s economy remains resilient. I do not see any dangerous cracks in the foundation. But there are stressors on this foundation,” Harker stated. He noted that while uncertainty pervades the economic outlook, it is essential to act based on current realities rather than desired outcomes.

Harker's address marked his last public appearance before retiring from his position at the end of June due to reaching Federal Reserve time and service limits. During his speech, he discussed the Federal Reserve's balance sheet "normalization" process, which aims to be "gradual, predictable, and boring" to minimize financial market disruptions.

In closing remarks, Harker reaffirmed his belief in the independence of the Federal Reserve. He urged economic leaders to consider community input when shaping monetary policy and cautioned about potential future impacts of debt on both the economy and monetary policy.

The Federal Reserve Bank of Philadelphia plays a crucial role in formulating and implementing monetary policy, supervising financial institutions, and providing services to depository institutions and the federal government across eastern and central Pennsylvania, southern New Jersey, and Delaware.