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- Fed's Barkin: US economy will likely return past pre-Covid trend this quarter
Fed's Barkin: US economy will likely return past pre-Covid trend this quarter
Federal Reserve's Thomas Barkin, following the Thursday inflation data, is speaking and said that the economy will likely return past the pre-covid trend this quarter
Barkin said that it's hard to know if we will return to a stable world of the 2010s, or not and he hopes ''we can get rates back to pre-pandemic levels relatively quickly.''
His comments come as the US continues to print the highest inflation readings in 40 years which could see the Federal Reserve deliver the highest rate hike in 20 years at the March meeting, or even before in an emergency meeting.
US CPI running hottest in 40-years
The January data was showing a 7.5% YoY lift in prices which spooked markets on Thursday. On a core basis, inflation lifted 6.0% YoY after gaining 0.6% during January.
Both the core and headline inflation were stronger than expected and was a concern to Fed's James Bullard, who wants a full percentage point of interest rate hikes over the next three central bank policy meetings. He even said the Fed could rate hike san inter-meetings and some Fed watchers have taken that to mean that there could be an emergency meeting and subsequent rate hike before the March meeting.
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