In a recent statement, Patrick Harker, the President of the Federal Reserve Bank of Philadelphia, suggested that one interest-rate cut in 2024 would be appropriate, based on the current economic forecast. This announcement reinforces the likelihood of sustained high interest rates. What Happened: Harker, speaking at an event in Philadelphia, expressed that the recent consumer price index report for May, which showed a decrease in consumer prices, was “very welcome.” However, he emphasized the need for more economic data to confirm that inflation is on track to meet the central bank’s 2% target…