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MNI: Barkin Says Fed Will Persist Until Inflation Comes Down

(MNI) WASHINGTON

Richmond Fed President says inflation from significant shocks simply take time to dampen.

The Federal Reserve will continue to raise interest rates and shrink its balance sheet but it may take time to bring inflation down, Richmond Fed President Tom Barkin said Friday in a speech.

"One of the key lessons from the ‘70s was not to declare victory prematurely. Perhaps we will get help from supply chain and energy market normalization," he said, without giving a view of what kind of rate hike he'd prefer at the next meeting. "But we have the tools to bring inflation down, even if those disruptions continue."

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The Federal Reserve will continue to raise interest rates and shrink its balance sheet but it may take time to bring inflation down, Richmond Fed President Tom Barkin said Friday in a speech.

"One of the key lessons from the ‘70s was not to declare victory prematurely. Perhaps we will get help from supply chain and energy market normalization," he said, without giving a view of what kind of rate hike he'd prefer at the next meeting. "But we have the tools to bring inflation down, even if those disruptions continue."

Keep reading...Show less