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More Barkin: Still a lot of time until decision needs to be made on size of September hike

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  • More from Richmond Fed Pres. Barkin
Greg Michalowski

  • Still a lot of time until decision needs to be made on size of September rate hike
  • Fed will need to move rates to restrictive territory, but will take signal from economy on how high that needs to be
  • a lot of recent declining core inflation was due to volatile items
  • at this point underlying demand seems stronger than it did as of the last Fed meeting
  • Fed is now balancing urge to get where it needs to go on rates against uncertainty over impact on the economy

Let’s face it, the Fed is sticking his finger in the air and feeling which way the breeze is blowing. The Federal Reserve has a slew of PhD economists who are pouring over data in making judgments as far as the economy goes. The reality is the wave of the economy is still being influenced by all the Covid and Russian aggression imbalances. That has impacted consumers and their spending patterns. It simply is not predictable nor anywhere near a certainty.

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