Fed President Harker said he thinks one rate cut this year is appropriate based on his current projections, underscoring the signal that rates are likely to remain elevated. "If everything goes according to expectations, I think one rate cut before the end of the year would be appropriate," Harker said. "In fact, I think there's a good chance of two or zero rate cuts this year, depending on which direction the data goes. So we're still going to be relying on the data." The Philadelphia Fed president currently expects economic growth to slow, but remain above trend, and unemployment to rise modestly. He also thinks it will be a "long process" to fall back to the Fed's inflation target.