In a CNBC interview, Richmond Fed President Thomas Barkin shared his thoughts on inflation, emphasizing the importance of core inflation, which is still running slightly above 5% year over year. He acknowledged recent positive news regarding energy prices but maintained that there is more work to be done to bring core inflation down to desired levels.
Although Barkin did not explicitly state his position on another rate hike at the Fed’s upcoming policy meeting in May, he emphasized the importance of closely monitoring jobs and inflation data, both of which remain relatively robust.
He said, “I’m waiting for inflation to crack … It’s moving in the right direction … but in the absence of a month or two months or three months with inflation at our target, it’s hard to make the case that we’re compellingly headed there.”
