As per the president of Philadelphia Federal Reserve, Patrick Harker, the rates of interest must stay the way they are as the economy has been growing and the consumers are still in good shape.

A voter in this year on the committee of policymaking, Harker had endorsed an approach of waiting and watching in terms of the monetary policy after one year in which the central banks had cut their rates thrice.

He further said that his own view as of this time was that they must hold steady for some time and see how the developments are taking place and the data is unfolding before there is any more action which is taken.

He said that the economy of the country was in very good shape.

Harker added that the news had in general continued to be good for the sector and this was because of the unemployment rate which was lowest in the last five decades and the growth in the wages with the consumers being upbeat for their economy. The confidence of consumers has been high and this optimism must support the spending of the household in the year.

At the meeting in January, FOMC had elected for keeping the targeted funds rate in a range which was between the level of 1.5% and 1.75%. The statement post the meeting had said that the committee is going to monitor the implications of the incoming information for outlook of the economy.

The market has been pricing a chance of 60% that there is a chance of a rate cut of 25 basis points by the month of September and a further probability of 41% by the year end.