Fed’s Barkin: Wants more confidence on inflation before favoring rate cuts

Federal Reserve Bank of Richmond President Thomas Barkin said Thursday the central bank has time to decide what’s next for monetary policy while it waits for further assurance that inflation is indeed falling back to target. “I think it is smart for us to take our time,” Barkin said in the text of a speech to be delivered before an event held by the Economic Club of New York. Barkin spoke in the wake of last week’s Federal Open Market Committee that saw policy makers hold their overnight interest rate target steady at between 5.25% and 5.5%.