Federal Reserve Bank of Richmond President Thomas Barkin.
Barkin was speaking earlier on Tuesday in the US. He is at it again:
- I am pretty comfortable that pandemic shocks will ease in time
- Commodity shortage easing much more difficult to forecast
- Fed's rate path depends on supply issues abating and when that happens is very hard to know
- We don't look like we'll have a repeat of financial crisis
- My hope is if we have a recession as we normalize inflation that it will be mild
- In current environment, there's been a lot of movement already on long-term rates
- Seemed sensible to respond to the recent inflation with change to 75 bps hike
- Think it's good at right times not to be 'slave' to your recent guidance and be nimble
- We need to see if inflation settles around us
- Soft landing is possible but so is a recession
- I expect continued volatility around economic indicators
- That could mean inflation readings go up and down, before stabilizing
- Possibility we see more deglobalization and more labor shortages due to lack of immigration
- That may mean we have more headwinds on inflation, risk am attuned to
Headlines via Reuters
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This earlier from Barkin
Fed's Barkin: Fed will do what it takes to reduce inflation
