US Economy Firming as Inflation Risks Persist, Says Richmond Fed’s Tom Barkin
Tom Barkin said stronger consumer spending is keeping the Federal Reserve focused on inflation as policymakers weigh more rate hikes.
- On Tuesday, Richmond Federal Reserve President Tom Barkin told the CFA Society Baltimore that economic conditions "are, if anything, firming," with continued consumer spending keeping the Federal Reserve focused on inflation.
- The Federal Open Market Committee raised its policy interest rate to the 3.75%-4.00% range last week, aiming to restore inflation to the Fed's 2% target.
- Barkin, a non-voting member of the Federal Open Market Committee this year, stated the "risks to inflation outweigh the risks to maximum employment," noting inflation has exceeded the 2% target for five years.
- Gregory Daco, chief economist at EY-Parthenon, explained that policymakers' patience has "seemingly run out," with the CME FedWatch tool showing a 48.3% chance of another rate hike before year's end.
- Barkin warned that "passing" shocks are not proving short-lived, as much of the Personal Consumption Expenditures Price Index is increasing at greater than a 3% annual rate.
22 Articles
22 Articles
Richmond Times-Dispatch
Richmond Fed chief says it's time to push back on inflation
Richmond Federal Reserve President Tom Barkin says high gasoline prices and tariff costs haven't gone away, so it's time for the Federal Reserve Board to focus on curbing inflation.
Fed’s Barkin ‘open’ to possibility of inflation declining ‘in short order’
Federal Reserve Bank of Richmond President Thomas Barkin said Tuesday that inflation could decline “in short order,” but he acknowledged prices could remain elevated amid the Iran war. “I’m open to the possibility that inflation could come back down in short order,” Barkin told the CFA Society’s Baltimore branch. Barkin noted recent “shocks” to the…
Fox Business
The New York LedgerWhy the Fed isn't ready to declare victory on inflation
Federal Reserve Bank of Richmond President Tom Barkin says inflation risks outweigh employment risks, warning that shocks from the Iran war and AI buildout aren't short-lived.
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