Richmond Fed Pres Barkin adds:
- Still a tight labor market.
- Challenge on inflation coming down is that it's not that broad.
- Services and rent inflation have stayed more elevated.
- We have to see if it still more inflationary pressure to calm
- Firms still feel like they have a little more pricey power than they used to.
- Am very supportive of being patient to get to where we need to get on inflation.
- I am waiting to see if disinflation becomes more broad-based
- I didn't expect the strength of the last jobs report.
- I am in no particular hurry on policy rate
Barkin on the economy
A theme from Fed officials is goods inflation has come down with the easing of the supply side. That is the good news. The bad news is services and housing continues to be elevated. If those sectors don't start to level out or move lower, the goods side will not be able to bail out inflation trends going forward.
