Fed's Harker: Fed should hold rates steady and see how economy evolves

Philadelphia Federal Reserve Bank President Patrick Harker on Tuesday argued that the Fed should hold rates steady and how the economy evolves and noted that he was against the October rate cut, as reported by Reuters.

"We may be at full employment but we really don’t know," Harker said. "If we lower rates at this point, we won’t get the response we think because cost of capital is not holding businesses back."

These comments were largely ignored by the market participants and the US Dollar Index was last up 0.1% on a daily basis at 98.32.