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MNI INTERVIEW2: Fed's Barkin-Tamping Inflation Will Take Time

(MNI) Washington
WASHINGTON (MNI)

Richmond Fed president says labor shortages might be easing for some sectors.

Bringing high U.S. inflation down to more acceptable levels will take time because the economy is still booming, employment is robust and supply chain issues are taking longer than expected to get resolved, Richmond Fed President Thomas Barkin told MNI.

“I think it's going to take us a while to get inflation under control and that's one of the reasons why I'm supportive of that accelerated rate increase path that we talked about,” Barkin told MNI’s FedSpeak podcast, saying he would not rule out a larger 75 basis point rate hike if inflation expectations look to be getting out of hand.

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Bringing high U.S. inflation down to more acceptable levels will take time because the economy is still booming, employment is robust and supply chain issues are taking longer than expected to get resolved, Richmond Fed President Thomas Barkin told MNI.

“I think it's going to take us a while to get inflation under control and that's one of the reasons why I'm supportive of that accelerated rate increase path that we talked about,” Barkin told MNI’s FedSpeak podcast, saying he would not rule out a larger 75 basis point rate hike if inflation expectations look to be getting out of hand.

Keep reading...Show less