Richmond Fed Pres Barkin. Inflation data this year is disappointing. Job is not done yet

Richmond Fed Pres Barkin is speaking and says:

• Inflation data this year is disappointing. Job is not done yet
• Confident that current restrictive level of rate can cure demand enough to bring inflation to target.
• Don’t see economy overheating, but Fed knows how to respond if it does.
• Data whiplash confirms value of Fed being deliberate
• Given a strong labor market, Fed has time to gain confidence it needs to be sure inflation will fall.
• Businesses are still looking to raise prices if they can, risk is shelter and services keeps headline index above target.
• Businesses have more courage to use price as a lever
• Fed has more time to gain confidence inflation is moving toward 2%
• Demand remains robust

The idea that it just needs more time, is the Feds position. Barkins comments do not foresee a hike, but a cut is still a ways away

This article was written by Greg Michalowski at www.forexlive.com.