United States Federal Reserve Bank of Richmond President Tom Barkin said he doesn't expect an "immediate" or "predictable" drop in US inflation, adding, however, that the financial institution plans to continue aiding the economic recovery until consumer prices return to their pre-pandemic normal.
"We will persist until inflation comes down," the official promised, adding that he thinks it would have made more sense for the Fed to start tightening earlier than it did.
Although it is difficult to know whether the global economy will achieve the stability it had in the past decade, Barkin pointed to the fact that the bank's rate and balance sheet moves also take time to bring the rising inflation down. "Inflation should come down," he concluded.
