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Barkin: Views Inflation As More Stubborn Than Average FOMC Member

  • Richmond Fed’s Barkin (’24 voter) keeps his cards close to his chest when speaking for the first time since Wednesday’s FOMC decision.
  • The closest he came to new information is saying that whilst he doesn’t disclose his particular dot, he views inflation as more stubborn than the average FOMC member (which tallies with our view of Barkin as sitting on the hawkish leaning side of center within the FOMC).

Other points:

  • Fed forecasts from the SEP are just a forecast and not guidance.
  • Data has come in nicely, making good progress on inflation.
  • Looking for consistency and breadth in inflation data. Demand, labor and inflation are all normalizing.
  • If inflation falls nicely, Fed would respond appropriately.

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