Richmond Federal Reserve President Tom Barkin said inflation is still too high and he needs to be convinced it's slowing more quickly.
Richmond Federal Reserve President Tom Barkin said inflation is still too high and he needs to be convinced it’s slowing more quickly before he would back an end to interest-rate increases.
“I want to reiterate that 2% inflation is our target, and that I am still looking to be convinced of the plausible story that slowing demand returns inflation relatively quickly to that target,” he said Friday in a speech in Maryland. Yet the Fed also signaled the possibility of two more increases this year that would push the policy interest rate to as high as 5.75% unless inflation falls even faster. Just 14 months ago, the rate was near zero.
Barkin said he could see a scenario in which the economy weakened enough to bring inflation down, in large part because of prior Fed rate hikes. Yet he noted that the Fed has been fooled too many times before to take it for granted.
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