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Barkin: Core Inflation Numbers Coming Down Nicely But Still Stubborn

  • Richmond Fed’s Barkin (’24 voter) told Fox Business that now isn’t a “big time” for forward guidance, with his focus on the inflation data to decide rate moves.
  • Taken from Bloomberg headlines, his comments are mostly in keeping with recent appearances, including the particularly in-depth MNI webcast (the write-up of which can be found here).
  • Overall and core inflation numbers are coming down nicely, but he also sees inflation being stubborn which makes a higher for longer case.
  • The objective remains maximum employment and stable prices, whilst he’s seeing pressure in wages for skilled trades.
  • Ahead, he expects a much more normal set of growth numbers [after the extremely strong 4.9% in Q3].

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