Fed's Harker: Achieved substantial further progress on inflation

Philadelphia Federal Reserve Bank President Patrick Harker told CNBC on Friday that he supports tapering sooner rather than later but added that the Delta variant and other variants are a caveat, as reported by Reuters.

Additional takeaways

"Central bank has achieved substantial further progress on inflation."

"There is some evidence inflationary pressures may not be so transitory."

"Monetary policy cannot clearly address the supply constraints holding the economy back right now."

"The job market is changing and people's thinking about what a job is has changed."

"Still supportive of moving the taper along because I don't think it's helping the economy right now."

"Fed should finish taper before it considers raising rates."

"Fed should look at the data as it evolves and see if it's appropriate to raise rates."

Market reaction

These remarks were largely ignored by market participants and the US Dollar Index was last seen posting small daily losses at 92.99.