Richmond Fed president Tom Barkin said Monday he is optimistic that the current interest rates will be enough to eventually bring inflation down, and that the Fed can afford to be patient due to a strong job market.
Officials reiterated more clarity in the outlook for inflation returning to target will be needed before cutting rates. "With this data whiplash over the last few months, it is natural to wonder whether we are experiencing a real shift in the economic outlook, or merely one of the bumps we said we expected along the way. Should we take more signal from the past three months, or the prior seven?"Barkin says while he does not see the economy overheating, the Fed knows how to respond if it does. And if the economy slows more significantly, the Fed will take the necessary measures there as well.
"I am optimistic that today’s restrictive level of rates can take the edge off demand in order to bring inflation back to our target,” Barkin said."It fills an emotional need for Donald Trump but it does not really help him," said the conservative attorney.The government has had to cancel at least $246 million in debts for thousands of Canadians it initially claimed had received pandemic benefits for which they weren't eligible.
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