Liz Kiesche,
Bloomberg/Bloomberg via Getty Images
- “The data that has been coming in over the last couple of months has been remarkable,” Tom Barkin, president of the Federal Reserve Bank of Richmond, said on Wednesday at the Economic Club of Washington, DC.
- Inflation is down, while demand is still healthy, “that’s why the drumbeat you hear is a soft landing.” Meanwhile, the labor market is still tight.
- “We will have to see if inflation will stay down or if there will be more inflationary pressure,” Barkin said. There are some potential inflationary pressures, such as in wages, firms’ confidence in prior power, and housing, he notes.
- Update at 12:54 PM ET: Like many of his Fed colleagues, Barkin said he’s in no rush to adjust policy. “I’m very supportive of being patient in getting where we want to get,” he said.
- Developing…check back for updates.
- Earlier, Boston Fed President Susan Collins said she expects the Fed will start cutting rates later this year and said it should be a “gradual process.”
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