Federal Reserve Bank of Richmond President Thomas Barkin spoke earlier on "The New Job Hierarchy" before the Money Marketeers of New York University:

From the Q&A:

And more now:

  • Unclear how far Fed will have to take balance sheet wind down
  • Surprised economy has been so strong despite aggressive fed action
  • Fed tightening still working its way through economy
  • Future job market gains depend on lowering inflation
  • Some slow down needed to lower inflation
  • Effort to lower inflation will have smaller job market impact this time
  • Expects some amount of unemployment rise
  • Decline in fed reverse repo take up isn't a surprise

Major FX rates are little changed.

Fed's Barkin
Fed's Barkin