Recent data whiplash only confirms the wisdom of being slow to move interest rates, the Richmond Fed president says.

Richmond Fed President Tom Barkin is a "Fed Optimist," he said Monday. Here's what he meant, according to remarks prepared for delivery in Columbia, S.C.: "I am optimistic that today’s restrictive level of rates can take the edge off demand in order to bring inflation back to our target,

Economic data “whiplash” is underscoring the Federal Reserve’s patient approach in starting the easing of monetary policy, Richmond Fed President Tom Barkin said Monday. The economy is moving toward a better balance although inflation data so far in 2024 has been disappointing to those who anticipated the personal consumption expenditures (PCE)