Richmond Fed Barkin
  • Says it's time to normalize
  • Reduction in balance sheet does a little more on top of rate hikes to tighten policy
  • Perfectly comfortable with path of rate hikes for next couple meetings
  • I'm still hearing very strong consumer demand at the high end
  • The stronger the economy, the better the case to do more on rates
  • He's not seeing anything in the data that makes him concerned about consumer spending
  • To change the pace of rate hikes, inflation expectations would need to change

We've heard all this before.