Richmond Federal Reserve President Tom Barkin said firm demand and persistent inflation gave policymakers a broad policy direction, while uncertainty about future demand still warranted caution.
Barkin said, “Risks to the demand outlook remain easy to envision.” He had earlier backed a gradual approach to rate changes but had not set a timetable.
Reuters reported Monday that Barkin was waiting for more inflation and jobs data before taking a position on the Fed’s December decision, as EconoTimes reported in an earlier account of his decision process.
Barkin previously told CNBC that inflation was his main concern and that he could not estimate the size or timing of another rate increase. EconoTimes covered those comments in its earlier report on his rate outlook.
The Federal Open Market Committee (FOMC) kept its target range at 3.75% to 4% at its latest meeting and said it needed more information before its next move. The committee is scheduled to meet Dec. 8-9.
