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Fed's Barkin says U.S. has made "substantial further progress" on inflation goal

EconomyJun 28, 2021 01:42PM ET
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© 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

WASHINGTON (Reuters) - The U.S. Federal Reserve has made "substantial further progress" toward its inflation goal in order to begin tapering asset purchases, Federal Reserve Bank of Richmond President Thomas Barkin said on Monday, as he indicated U.S. employment numbers may soon follow.

"It's pretty clear to me we have had substantial further progress against our inflation goal," Barkin said during an event at the Rotary Club of Atlanta. "I'm pretty optimistic about the labor market. ... If the labor market opens as I suggested it might, then I think we're going to get there in relatively short order."

Barkin added that he would wait until next year to determine whether the U.S. central bank had hit its inflation and employment mandates for beginning to raise interest rates from near zero.

"I kind of think let's look at it next year and see what happens and if the numbers hit, great, if they don't, we've got time because it will show there's still more time for the economy to grow," he said.

Fed's Barkin says U.S. has made "substantial further progress" on inflation goal
 

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Comments (3)
Ricardo Diogo
Rcd72 Jun 28, 2021 2:06PM ET
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fed Ponzi...this is careless driving...
CHADWICK RICHINGTON
CHADWICK RICHINGTON Jun 28, 2021 1:55PM ET
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That man is a criminal
ben sc
ben sc Jun 28, 2021 1:51PM ET
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The last paragraph says it all. inflation will be unchecked this year. Real inflation going to check in at 7-8% for 2021. Throw in tax increases and subsequent lower business investments and we're in a recession in by mid-end of 2022. And this idea of the economy 'growing' when we've added Trillions to the debt. increasing spending 4T triggering inflation of 7% to get 6% GDP growth isn't GROWTH.
Simon Meszaros
Simon Meszaros Jun 28, 2021 1:51PM ET
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maybe too pessimistic but makes lot of sense. only thing which is a bit out of equation is that usd is global currency. but not only big economy anymore..
Jouni Matero
Jouni Jun 28, 2021 1:51PM ET
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Spot on!
Francesco Lucchesi
Francesco Lucchesi Jun 28, 2021 1:51PM ET
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correct. the fed is buying time and hoping for the best. it will be disastrous
 
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