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Barkin: Risk of inflation 'festering' worse than of Fed overdoing rate increases

Published 09/30/2022, 02:03 PM
Updated 09/30/2022, 02:06 PM
© Reuters. FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas, Texas, U.S., May 23, 2019. REUTERS/Ann Saphir/File Photo

WOODBRIDGE, Va. (Reuters) - "Festering" inflation remains a bigger threat to the economy than the risks of Federal Reserve rate hikes going too far and causing unnecessary damage in the effort to control it, Richmond Fed President Thomas Barkin said on Friday.

"At this point the risk of inflation festering feels like a bigger risk than inflation coming down on its own and us having oversteered," Barkin said in remarks to reporters after a chamber of commerce event.

Barkin said he was reserving judgment on the proper rate increase for the Fed's next meeting, but that data released Friday showed inflation continued to be both broad and persistent.

Latest comments

Not sure they're clueless more like crooks, for almost 2 decades ineptly trying to get inflation then suddenly it's enemy #1 just a part of their playbook to create bigger wealth division. Remember all fed members are either the 1% or are tied directly to the same. And they can trade the markets filling their own pockets on the reactions they create by their policies
These people are totally clueless having blown a gigantic asset bubble and rampant inflation.  They will destroy the economy and they've already caused havoc in the markets. The fed and these un-elected loons should be held accountable for their negligence.
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