Federal Reserve Bank of Richmond President Thomas Barkin commented on Thursday that the United States economy has proven resilient amid all the challenges, adding that he believes it will grow further this year.
"I think it's fair to say [that] no one predicted this, and that includes me. If you think back, when the FOMC [Federal Open Market Committee] raised rates aggressively in 2022 and 2023, a recession was widely forecasted ... Yet, here we are," he remarked at a virtual event organized by the Virginia Bankers Association and the Virginia Chamber of Commerce.
Meanwhile, talking about consumer debt, he mentioned that this burden is "still well below 2018-2019."
