Fed's Barkin says inflation will be 'more stubborn than many people would hope'

The chief of The Richmond Federal Reserve said high inflation probably won't dissipate quickly barring a sharper slowdown in the U.S. economy.

The chief of The Richmond Federal Reserve said Tuesday that high inflation probably won’t dissipate quickly barring a sharper slowdown in the U.S. economy.

“[Inflation]... The chief of The Richmond Federal Reserve said Tuesday that high inflation probably won’t dissipate quickly barring a sharper slowdown in the U.S. economy. “[Inflation] is going to be more stubborn than many people would hope,” he said in an virtual interview sponsored by the National Association of Business Economists.

Barkin indicated he was undecided on whether to support another increase in interest rates at the Fed’s next policy meeting on June 13-14. The Fed has raised rates for 10 straight meetings in an effort to tame inflation, putting a key short-term rate at a top end of 5.25%.

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