Episode Summary Dr. Patrick T. Harker joins The Unity Forum to unpack the moment we’re in: why he describes the backdrop as “stagflation light,” how to read the Fed’s dot plot as guidance—not a promise, and why long-term rates may not fall soon despite policy moves. The discussion explores the Fed’s independence, the neutral rate (r★), AI’s potential productivity boost, and listener questions on the U.S. dollar’s reserve-currency status.

Guest Dr. Patrick T. Harker — economist and academic leader; served on the FOMC while leading the Federal Reserve Bank of Philadelphia; currently a Rowan Distinguished Professor.

Chapter Markers:

00:00 – Welcome & format

02:34 – Guest introduction

06:29 – Is policy being swayed by politics?

08:31 – “Stagflation light”:  ...