Barkin Says Fed Should Normalize Policy as Fast as Feasible

Bloomberg2022-06-22

The US central bank should raise interest rates as fast as it can without causing undue harm to financial markets or the economy, said Federal Reserve Bank of Richmond President Thomas Barkin.“We are ...

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TSY123
2022-06-22
TSY123
Ok
TaiJin
2022-06-22
TaiJin
[Miser]
kevinlaisq
2022-06-22
kevinlaisq
Pls like
Nebhol
2022-06-22
Nebhol
Gg
IZLIN
2022-06-22
IZLIN
@simplydkam @Meow17 @Sagi08[Grin]
K74
2022-06-22
K74
Why

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Reports released days before the central bank’s June meeting showed both inflation and future price expectations accelerated in May, bolstering the Fed’s case for tightening policy.“If it’s possible to do it, why wouldn’t you do it,” said Barkin, who does not vote on monetary policy this year.The Fed may need to raise rates beyond neutral and into restrictive territory, Barkin said. He is watching for positive forward-looking real rates and said it’s important for policy makers to stay flexible.Barkin declined to say whether he would support another 75-basis-point move at the Fed’s meeting in July, though he said he “didn’t have a problem” with the guidance offered by Chair Jerome Powell, who told a post-meeting press conference on June 15 that another 75 basis-point increase, or a 50 basis-point move, were on the table next month.High inflation is driven by both demand from consumers -- whose spending has been boosted by robust savings -- and supply-side disruptions, Barkin said. Consumption really started taking off after vaccine distribution got underway in the spring of 2021.“What you had was a population feeling they were freed from Covid, funded by extraordinary levels of savings and net worth and permitted to go spend freely, with a bunch of suppliers, meaning both goods and services, who were in no way ready for that kind of demand,” he said.Consumer prices rose at an 8.6% pace in May, a 40-year high. A preliminary survey of consumers’ expectations for average annual inflation 5-10 years ahead rose to 3.3% in June, from 3% last month, the highest reading since 2008The Fed is raising rates quickly to curb price pressures -- “the urgency’s high,” Barkin said -- and at the same time beginning to reduce the size of its nearly $9 trillion balance sheet. The two actions will work together to tighten monetary policy, he said.Speaking later to reporters after a speech in Richmond, Barkin said the economy would not swiftly return to its pre-pandemic patterns.“We are now two years into quite an unstable economy. It seems highly unlikely you go from very stable, to very volatile to very stable again,” he said. “That doesn’t mean you can’t control inflation. We‘ve got a mandate. We’ve got the tools. 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like","listText":"Pls like","text":"Pls 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href=\"https://ttm.financial/U/3582502706085184\">@simplydkam</a><a href=\"https://ttm.financial/U/3581561113691319\">@Meow17</a><a href=\"https://ttm.financial/U/3582026494482473\">@Sagi08</a>[Grin]&nbsp;","listText":"<a href=\"https://ttm.financial/U/3582502706085184\">@simplydkam</a><a href=\"https://ttm.financial/U/3581561113691319\">@Meow17</a><a href=\"https://ttm.financial/U/3582026494482473\">@Sagi08</a>[Grin]&nbsp;","text":"@simplydkam@Meow17@Sagi08[Grin]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9043083662","repostId":1128410576,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9043015138,"gmtCreate":1655856206224,"gmtModify":1676535717799,"author":{"id":"3574026189533561","authorId":"3574026189533561","name":"K74","avatar":"https://community-static.tradeup.com/news/0915c1dbb625a1fab842a01a98e9f31a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574026189533561","authorIdStr":"3574026189533561"},"htmlText":"Why","listText":"Why","text":"Why","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9043015138","repostId":1128410576,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":80,"commentSize":9,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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