Philadelphia Federal Reserve Bank President Patrick Harker on Thursday expressed support for continuing to hold short-term U.S. borrowing costs in their current range of 4.25%-4.50%, a level he believes will help get inflation back down to the Fed's 2% target but isn't hurting the job market or the economy more generally.

The U.S. central bank's policy rate should stay at current levels, Federal Reserve Bank of Philadelphia President Patrick Harker signaled on Thursday, calling the current policy stance restrictive enough to curb inflation gradually without choking the economy.

Federal Reserve Bank of Philadelphia President Patrick Harker said officials should allow their policy stance to continue to lower inflation, signaling support for holding interest rates steady for now.