More from Richmond Fed Pres Barkin:
- Still feels like weight of risk is toward inflation.
- The metrics of where neutral rate is has moved up, but feels like current policy is restrictive
- At this point willing to believe that current rates are restrictive enough.
- Hear strongly from business contacts that the labor market is normalizing though some sectors that fell behind in hiring during the pandemic are still catching up.
- GDP growth still seems strong, focused attention now on job market
- Recent data makes you think less optimistically about how quickly inflation gets under control. It is a stubborn road
- Takes a while to corral price setters to think they don't have a chance.
- Have not yet seen evidence that inflation is on track.
- Tend to imagine the Fed need to take some edge off the demand to finish inflation fight, though some help from supply-side is still possible
