Richmond Federal Reserve President Thomas Barkin on Thursday delivered a strong ...
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
U.S. unemployment is at a 50-year low of 3.6%. And inflation, even if a touch below the Fed’s 2% goal, is low and stable, Barkin said in remarks prepared for delivery to the Global Interdependence Center’s annual economic summit. Financial markets are betting heavily on a rate cut later this month when Fed policymakers meet in Washington to set policy. Fed Chair Jerome Powell, in testimony on Capitol Hill this week, fed that narrative with promises to “act as appropriate” amid rising trade tensions between the United States and its biggest trading partners that is sapping business confidence.
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