Fed's Harker: Global slowdown, trade uncertainty holding back business investment

The global economic slowdown, trade uncertainty and geopolitical tensions are holding back business investment in the US, Philadelphia Federal Reserve Bank President Patrick Harker said in his prepared remarks delivered at a banking forum in Somerset, New Jersey, on Friday.

"Overall, the economy is looking pretty good," Harker added, per Reuters. "We are in the longest economic expansion on record, and I see growth returning to trend of about 2% this year, a view that is widely shared." Harker further noted that he expects inflation to reach the Federal Reserve's 2% target this year.

The US Dollar Index largely ignored this data and was last seen adding 0.26% on the day at 97.56.