(Reuters) – The Federal Reserve is expected to raise interest rates at least three times this year to fight high inflation and shrink its balance sheet faster than it did after the global financial crisis, the Federal Reserve said on Thursday. Philadelphia Fed President Patrick Harker.

After the Fed raises rates above zero, the central bank should “enter a process of normalization” using a “slope path that will be steeper” than the one used last time because the balance sheet is larger , Harker said during an interview on CNBC.

Harker said earlier Thursday that he could be convinced of the need for a fourth rate hike this year if inflation remains high.

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