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SaltWire's Atlantic regional weather forecast for October 17, 2023] | SaltWireNEW YORK - Federal Reserve Bank of Richmond President Thomas Barkin said on Tuesday that the U.S. central bank still has time to decide on its next interest rate move as anecdotal information points to an economy that’s slowing amid a cooling trend in inflation pressures.
Having held rates steady at the September Federal Open Market Committee meeting, Barkin said “we have time to see if we have done enough, or whether there’s more work to do.” Rising borrowing costs driven by higher bond yields coupled with an extended trend of falling inflation data have led many to believe the Fed is done with rate increases and will leave its current target rate range at between 5.25% and 5.5% for an extended period. A number of Fed officials have said over recent days they believe the Fed is at or near the peak of its rate rise cycle.
“I am still looking to be convinced, both that demand is settling and that any weakness is feeding through to inflation,” Barkin said. From his local contacts Barkin said he’s hearing that demand is softening and “parts of the labor market are coming into better balance.” He also noted that wage pressures, while still strong, are moderating.
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