The Federal Reserve shouldn’t be thinking about additional interest-rate increases with so many US small businesses struggling to cope with its tightening to date, Philadelphia Fed President Patrick Harker said.

“Small firms are really struggling with access to capital,” Harker said Monday while answering questions after a speech at a virtual event.

“Some of the bankers I’ve talked to are concerned that their business plans just aren’t going to be able to make it at the higher rates. I heard that warning a lot over the summer,” he said.

“This is why we should hold rates steady, we should not at this point be thinking about any increases, because if that’s true — and it is true — then we should let that ride out.”

Harker has in recent months come out as one of the Fed’s biggest doves, arguing policymakers have already raised interest rates high enough to quell inflation.

The central bank has raised its benchmark rate by more than five percentage points since early last year, and officials signaled in September that they may hike it once more in 2023.

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