Richmond Fed president Barkin speaking
- Demand does not yet seem indented by Delta variant
- Demand for labor continues to outpace supply of people willing to work
- Current pressure on wages is intense at lower levels of the pay scale
- The inflation expectations near target support idea that recent inflation rates are temporary
- On price said Fed has made substantial further progress toward taper benchmark
- On the labor side, feels the focus that should be on employment to population ratio
Fed Barkin is speaking at a Roanoke regional chamber of commerce luncheon. Barkin is a voting member on the Federal Reserve Board in 2021. Will be monitoring for comments about tapering timing.
Feds Bostic weighed in earlier today leaning toward a taper in 2021 (he thinks Fed could start taper between Oct and Dec but open to moving it forward).
Later today Chicago Fed president Evans will be speaking for the first time since the FOMC decision last week, and the stronger than expected US jobs report on Friday.
More from Barkin:
- inflation has had 2% and looks like it might stay there
- labor market does have more room to run
- bullish on housing market even if the rates go back to more normal levels given tight supply and strong demand
