Federal Reserve Bank of Richmond President and CEO Thomas Barkin said on Friday that the case for raising interest rates at the latest central bank monetary policy meeting was "pretty clear" due to high inflation and demand not subsiding. The banking system "felt very stable" as policymakers gathered and the "conditions were right" for the Fed to do what it intended, without the need to move away from its current course, he told CNN.
According to Barkin, Americans "find inflation to be unfair" and want the central bank to "get control of inflation" in an "exhausting" situation. The central bank's responsibility is to restore price stability, he pointed out, adding that inflation declining could lead to improvements in the labor market as well.
