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Fed's Harker says he expects economy to grow by 5% to 6% in 2021

·1 min read

April 13 (Reuters) - The U.S. economy could grow by around 5% to 6% this year, buoyed by increased vaccinations and strong fiscal aid, but the Federal Reserve is not going to pull back its support yet, Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday.

"For now, Fed policy is going to hold steady," Harker said in remarks prepared for a virtual event organized by the Delaware State Chamber. "While the economic situation is improving, recovery is still in its early stages, and there’s no reason to withdraw support yet."

Policymakers agreed last month to leave interest rates near zero and keep purchasing $120 billion a month in bonds until the economy makes "substantial further progress" toward the Fed's goals for inflation and maximum employment. (Reporting by Jonnelle Marte Editing by Chizu Nomiyama)