August 29, 2024 15:03 GMT
MNI BRIEF: Inflation's Down, Not There Yet - Fed's Barkin
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Richmond Fed President Tom Barkin said Thursday there has been progress on inflation while unemployment remains low.
"Big picture, economy, unemployment's still 4%. Inflation's down. We're not all the way there, but we're making progress," Barkin told WV MetroNews from the West Virginia Chamber annual business summit. "Nobody at the Fed has an interest in keeping interest rates high. We only have an interest in bringing inflation down." (See: MNI INTERVIEW: Fed Likely To Make Series of 25bp Cuts- Blinder )
Barkin did not explicitly endorse an interest rate cut in September in the interveiw, though the move is widely expected.
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