Fed's Barkin: There's going to be a lot more persistence to inflation than we want

• Businesses now see pricing as a lever
• There's going to be a lot more inertia and persistence in inflation than we want
• It will take awhile for us to get inflation back to target
• May or may not take rates higher if inflation persists, will react to data
• If inflation settles, we might not go as far on the rate peak, it all depends on the data
• There is a very good case for leaving rates higher for longer for a period of time
• Lesson of the 1970s is don't give up too early
• My view on rates is two-sided depending on what inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term does
• Biggest surprise has been the jobs market
• Last month's jobs gains were much stronger than anticipated
• For me the risk of doing too much is outweighed by the risk of doing too little

Barkin is a measured speaker and this is starting to sound like a more-hawkish pivot.