SOMERSET, N.J. (Reuters) - The U.S. Federal Reserve should considering ending the reinvestment of its bond holdings after the federal funds rate reaches 1 percent, Philadelphia Federal Reserve President Patrick Harker said on Friday.

"Once we get there, which I believe we may this year, we should think about stopping reinvestment," Harker told reporters after a speech at an event sponsored by the New Jersey Bankers Association.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)