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Barkin: Willingness For Providers To Keep Trying To Push Price Increases

FED
Ahead of the media blackout starting the day after Friday's payrolls report, Richmond Fed's Barkin ('24 voter) reiterates the need to see demand being curbed.
  • Obviously we’re seeing a couple of big labor releases this week with JOLTS tomorrow and payrolls Fri before CPI ahead of the FOMC. I’m looking to be convinced that demand is in fact coming down and that will indeed bring inflation down.
  • I do believe rate hikes have an impact and that they work with a lag (earlier said lags were truly long and variable), but it’s awfully hard to convince myself that I can count on them to do all the work for me. R* has an awfully wide confidence interval.
  • There's more willingness for providers to try pushing price increases at this point than you'd have seen three, four or ten years ago. Until customers or maybe competitors force these providers to back off they'll keep pushing, that's what I hear.
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