Federal Reserve Bank of Richmond President Thomas Barkin warned on Tuesday that the central bank's forecasts are "not guidance," and shouldn't be taken as such.
Talking to Yahoo Finance, Barkin went on to say that he believes the Fed is "nicely positioned now with a 3% inflation rate moving down, and a 3.7% unemployment rate staying relatively steady." He added that should inflation continue to cool, "of course, we would respond appropriately," alluding to potential interest rate cuts.
Barkin mentioned that it is time to "balance the focus on the Fed's mandate." The policymaker concluded by saying that "inflation data has been going the right direction."
