Federal Reserve Bank of Richmond

"A soft landing is increasingly conceivable but in no way inevitable," Barkin, who will vote on policy decisions this year, said in the text of a speech Wednesday.

Federal Reserve Bank of Richmond President Thomas Barkin said the greater-than-expected easing in inflation in June may be an indication that the U.S. economy can have a "soft landing," returning to price stability without a damaging recession.

Richmond Federal Reserve Bank President Thomas Barkin said he wants to see more evidence that U.S. inflation is easing back to the central bank's goal of 2%.

Federal Reserve Bank of Richmond President Thomas Barkin said the U.S. central bank will "persist" in its efforts to bring high inflation under control.

Boston Federal Reserve Bank President Susan Collins said monetary policy is entering a new phase that could require smaller rate increases.

St. Louis Fed Bank President James Bullard said he favors a strategy of "front-loading" big interest-rate hikes, and he wants to end the year at 3.75% to 4%, while his Richmond counterpart, Thomas Barkin, said the central bank was committed to lowering inflation and a recession could happen.

“I am one of the guys who like the option value of deciding the week of the meeting as opposed to two weeks before the meeting,” he told reporters Tuesday.

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Federal Reserve Chair Jerome Powell risks inflation getting out of control and his assurance that the central bank can keep it in check neglects to mention this would require traumatic surgery, said former Richmond Fed President Jeffrey Lacker.

“Our guidance suggests we would be raising rates were inflation to spike past our targets,” Barkin said.

Federal Reserve Bank of Richmond President Thomas Barkin played down recent Treasury market volatility, in remarks that reinforce the message that the U.S. central bank is not yet troubled by the increase in yields.

Federal Reserve officials said that more fiscal support and the mass distribution of vaccines could lead to a strong U.S. economic recovery in the second half, setting the stage for a discussion of potential tapering of bond buying before year’s end.

Federal Reserve Bank of Richmond President Thomas Barkin says the U.S. could face a bumpy first six months but will be well supported by the rollout of COVID-19 vaccines and fiscal stimulus later in the year.

The resurgence of the coronavirus led to a larger than expected drop in consumer confidence.

The U.S. economy seems to be holding up despite a surge in COVID-19 cases and hospitalizations, clouding the case for more monetary stimulus, Federal Reserve Bank of Richmond President Thomas Barkin said.

The consumer confidence index suggested expectations have slipped, and the Richmond Fed's services survey also offered a dim view ahead.

Consumers cut back on purchasing plans, suggesting they see a tough fourth quarter, economists said.

Federal Reserve Bank of Richmond President Thomas Barkin said a rebound in U.S. coronavirus cases to about 50,000 a day has added uncertainty to the outlook and may discourage businesses from hiring or investing.

The U.S. labor market is slowing after an initial strong rebound from the coronavirus-induced downturn and policymakers will be challenged to engineer a full recovery in employment, Federal Reserve Bank of Richmond President Thomas Barkin said.

The U.S. central bank’s new guidance on interest rates doesn’t preclude tightening before inflation averages 2% for some period of time, Chicago Fed President Charles Evans said.