Mr. Harker, president of the Philadelphia Fed, said the Fed had responded effectively to challenging economic conditions over the past few years. Mr. Harker made no forward-looking comments on monetary policy or the economic outlook. He described Fed policy as taking a broad view of the economy and letting incoming data set the policy path. "Over the last 30 months, I believe we have proven ourselves to be good movers of the economy," Mr. Harker said.