Richmond Fed President Thomas Barkin highlighted the existing uncertainties surrounding the economic outlook in remarks made overnight. He stated, “The range of potential outcomes, to me, is still pretty broad,” emphasizing the unpredictability of the current economic situation.
Reflecting on the recent decision of Fed to maintain status quo on interest rates, he said, “That’s why I supported our decision to hold rates steady at the last meeting.”
“We have time to see if we’ve done enough, or whether there’s more work to be done,” he added.
“The path forward to me depends on whether we can convince ourselves inflationary pressures are behind us, or whether we see them persisting,” he said. Barkin further highlighted the significance of labor market developments in informing his perspective.
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