Patrick Harker on Real-Time Payments and the Future of the Federal Reserve

Patrick Harker on Real-Time Payments and the Future of the Federal Reserve

Patrick Harker is the Rowan Distinguished Professor, Professor of Operations, Information and Decisions at the Wharton School of the University of Pennsylvania, and the former president of the Philadelphia Federal Reserve Bank. He joins the program to discuss his time at the Fed, the FOMC, Amish banking, his amazing academic career, and much more.

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Check out the transcript for this week's episode, now with links.

Recorded on September 10th, 2026

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Timestamps
00:00:00 - Intro
00:04:33 - Patrick's Career
00:21:32 - Amish Banking
00:28:29 - FedNow and Payments
00:34:59 - Crypto Assets, Tokenized Deposits, and Stablecoins
00:40:44 - Consolidation at the Fed
00:40:44 - Federal Open Market Committee
00:40:44 - Federal Reserve Balance Sheet
00:40:44 - Inflation and the Fed's Mandates
00:40:44 - Pat's Substack and Thoughts on AI
00:56:07 - Outro

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