Richmond Fed Chairman Thomas Barkin said on Wednesday he is seeing inflation in the US economy remain high and demand cooling.
Barkin Says Not Surprised by Inflation Data
Barkin, a voting member on the Fed's policy-making committee this year, said the latest consumer price index (CPI) report did not surprise him.
"We're definitely past the peak of inflation, but we still have a ways to go," Barkin said at a business event. "I need to see inflation drop to our target rate for months in a row."
Barkın said that he will closely follow the PPI and employment cost index (ECI) data to be announced on Friday.
"I see a cooling in demand, but I'm waiting for inflation to break out; I don't see any evidence of that yet, I don't want to declare victory on inflation too soon," Barkin said. said.
As Bitcoinsistemi.com reported, the monthly inflation data came below the expected level. Bitcoin price had received the development positively.
“In terms of the interest rate route, I believe we react to it as inflation emerges,” Barkin said.
*Not investment advice.