Fed’s Patrick Harker says jobs recovery will be slow, inflation at 2.5% would be OK

Patrick T. Harker, president of the Federal Reserve Bank of Philadelphia

Charles Mostoller | Bloomberg | Getty Images

Philadelphia Federal Reserve President Patrick Harker said Friday that it will take a significant amount of time before the U.S. sees unemployment figures return to their pre-coronavirus lows.

Harker, a voting member of the Federal Open Market Committee, also said he would be comfortable allowing inflation to rise as high as 3% so long as it does so at a slow and manageable rate.

He joined CNBC’s “Squawk Box” to discuss the central bank’s new inflation goal, which Chairman Jerome Powell announced Thursday.

“Right now, you’re seeing some signs of recovery, but basically it’s moving sideways,” Harker said of the U.S. labor market. “We still have 27 million that are on some form of unemployment and we won’t get fully back to the kind of employment — we had this great employment

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Patrick Hynes: Is School Funding Commission a broad-based Trojan horse? | Op-eds

PREVIOUSLY, this columnist sounded the alarm that an income tax could be heading our way soon. In a letter to the Union Leader, one Democratic state legislator argued that such a thing happening wouldn’t be so bad and anyway we “shouldn’t worry too much about a state income tax” because it’s been years since the state legislature has seriously considered one.

Minimizing the threat does not make it go away, however.

At least one seasoned journalist believes a commission empaneled to review New Hampshire’s education funding formula could well come back with a recommendation in favor of a statewide income tax.

“Is the pledge and broad-based taxes (sic) still the third rail of New Hampshire politics or has the voltage been reduced considerably?” asks Garry Rayno. “I believe it has, but we will learn more in a couple of months.”

Rayno has watched the proceedings of the Commission to Study

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