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Thomas Barkin, President of the Richmond Federal Reserve Bank, expressed concerns about inflation, stating that a slowdown is needed to lower inflation. He mentioned that the full effects of rate hikes are not yet seen and it remains unclear if more tightening is necessary. Barkin believes that inflation will take longer to settle than some optimists expect and that the Fed needs to see what path inflation takes. He also noted that the job isn't done as inflation remains too high and that a return to elevated inflation would require a reevaluation of further actions. Barkin expressed his uncertainty about the current level of interest rates and the need for more measures to curb demand and inflation. He hopes to eventually bring interest rates back to normal and indicated that continued strong growth could warrant higher rates.
