Fed’s Harker says US poverty ranges could also be understated

NEW YORK (Reuters) -Federal Reserve Financial institution of Philadelphia President Patrick Harker mentioned on Tuesday the true stage of poverty in the USA could be understated, in feedback that didn’t tackle the financial coverage and financial outlook.

“The way in which we now have traditionally measured financial stability of low-income households might not work,” Harker mentioned in an essay on financial mobility points. He mentioned a household incomes twice the federal poverty line metric should face massive financial challenges.

(Reporting by Michael S. Derby; Modifying by Andrea Ricci)