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- Fed's Barkin: Pace of rate hikes will depend on the pace of inflation
Fed's Barkin: Pace of rate hikes will depend on the pace of inflation
Federal Reserve Bank of Richmond President Thomas Barkin said that he would like the Fed to get better positioned, speaking in an interview with CNBC on Monday. How fast we go depends on how the economy develops, he added, saying also that the pace of rate hikes will depend on the pace of inflation. I'd like us to be closer to neutral than we are now, he said, before reiterating that he expects goods prices to ease.
Moving on to discuss the labour market, he said what he is really watching is labour wage pressure and that we are at "interim" full employment, but there is still some upside ahead. Barkin added that he is expecting a strong job market to continue into the spring and summer. Moving on to the economy, there is no question we saw a demand issue in January, he added, but he has his fingers crossed for a stronger spring. The Fed is still a long way from triggering any recession, he added, saying that he is not seeing any weakening in core demand, and that it is not the focus of the Fed to worry about a recession when demand is still strong.
Market Reaction
FX markets do not seem to have reacted to the latest remarks from Barkin.
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