It’s too early to say what the Federal Reserve should do at its next meeting in May because it’s going to take more time to figure out how much the recent banking turmoil will hurt the economy, Richmond Fed President Thomas Barkin said Thursday.

“Is this a situation with an extended tail or is this a situation of very short duration? That’s pretty hard to know here on the 30th of March,” he told reporters after a speech at the University of Richmond.

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MNI BRIEF: Barkin Says Too Soon To Call May Rate Move