Richmond Federal Reserve (Fed) President Thomas Barkin hit newswires for a second time on Monday as the Federal Open Market Committee (FOMC) voting member gave his outlook on economic conditions in the US while taking audience questions during a speech in South Carolina.
Key highlights:
Business contacts suggest labor market is normalizing, though some sectors are still catching up.
Neutral rate metrics have moved up, but current policy still feels restrictive.
Believes that current rates are restrictive enough.
Barkin feels the risks are weighted towards more inflation.
It takes a while to corral price-setters.
Recent data is a stubborn read, less optimistic about how long it will take to get inflation under control.
Imagines Fed will need to take some edge off of demand to finally finish inflation fight.
Barkin has not yet seen evidence that inflation is on track.
GDP growth still seems strong, Fed is now focusing on job market
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