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Barkin: Anecdotal Evidence Economy Weakening More Than Data

FED
  • Richmond Fed’s Barkin (’24 voter) notes in prepared remarks (full speech here) that he is “still looking to be convinced, both that demand is settling and that any weakness is feeding through to inflation.”
  • “We have time to see if we have done enough, or whether there’s more work to do”.
  • Anecdotal evidence from Barkin's regional business contacts suggests the economy is weakening more than resilient economic data on growth and employment suggests.
  • “I see an economy that is much further along the path to demand normalization than much of the data would tell you. But the path for inflation isn’t yet clear”.

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