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Barkin Sees Labor Market Moving In Very Steady, Softening Pattern

FED

Richmond Fed’s Barkin (’24 voter) offers the first Fedspeak on today’s payrolls report which had something for everyone with a collection of hawkish and dovish takeaways:

  • The labor market "feels to be moving in a very steady, softening pattern," he said. With headline PCE inflation at 2.6% and unemployment at 3.7%, "you're pretty close to where you're headed."
  • "You can argue inflation is already under control, looking at the last six months," he told reporters after a speech. But looking at the 12-month rate, "there's still more to do."
  • Further, Reuters report him as saying there is more uncertainty around the path of inflation ahead given that progress over the last six months had been so reliant on goods.
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