The Federal Reserve has performed well in guiding the economy

Mr. Harker, president of the Philadelphia Fed, said the Fed had responded effectively to challenging economic conditions over the past few years. Mr. Harker made no forward-looking comments on monetary policy or the economic outlook. He described Fed policy as taking a broad view of the economy and letting incoming data set the policy path. "Over the last 30 months, I believe we have proven ourselves to be good movers of the economy," Mr. Harker said.