Richmond Fed President Barkin calls for slowdown

“I am a big supporter of raising interest rates on a slower path,” Richmond Fed President Thomas Barkin said. Richmond Fed President Thomas Barkin said he favors smaller rate hikes in the Fed’s fight to bring inflation back to its medium-term goal. “I am a supporter of a slower path of rate hikes,” Barkin told Bloomberg TV, but he did not say how far he believes rates should rise. “The Fed will do whatever we need to do to ease price pressures,” Barkin said. The Fed needs to make clear that it will not stop raising rates anytime soon, and any discussion of easing policy should be postponed until after inflation is under control. Asked whether he expected rates to remain high through 2024, Barkin said, “That depends on what we see on the inflation side.”