Barkin Says Fed Needs ‘Little Bit More Time’ to Lower Inflation
- Richmond Fed chief says demand will need to slow a bit more
- Barkin cites continued price pressures in the services sector
Thomas Barkin
Photographer: Christopher Goodney/BloombergThis article is for subscribers only.
Federal Reserve Bank of Richmond President Thomas Barkin said the US central bank needs to keep borrowing costs elevated for longer to lower inflation to its 2% target, citing higher prices in the services sector.
Barkin in a CNBC interview said US demand will need to slow a bit to get inflation to the Fed’s goal, noting goods inflation has come down significantly as supply chains have healed.