Fed's Harker: Unemployment could remain above 10% by end of 2020

The Federal Reserve should not even consider a rate hike until inflation overshoots 2% target, Philadelphia Fed President Patrick Harker said on Wednesday.

Harker further noted that he expects the path of economic recovery to be slow and uneven and added that he expects the unemployment rate to be over 10% by the end of 2020. "There is a good chance job market won't see more significant gains in 2020."

Market reaction

The US Dollar Index largely ignored these remarks and was last seen losing 0.13% on the day at 96.07.