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Start tapering soon; inflation may be long-lived: Philadelphia Fed chief

Chip shortage is disrupting supply chains, Patrick Harker says

Patrick Harker, president of the Federal Reserve Bank of Philadelphia, expects interest rates to rise in late 2022 or early 2023.

WASHINGTON/ NEW YORK -- The Federal Reserve will convene the Federal Open Market Committee on Sept. 21 and 22, where all eyes will be on whether the U.S. central bank will begin to pull back the pace of their monthly bond purchases.

Fed chair Jerome Powell has said tapering will likely begin before the end of the year.

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