Richmond Fed President: Taking Action to Address Persistent Inflation is Appropriate

Richmond Fed President Tom Barkin said the shocks putting pressure on U.S. prices clearly persist, and taking action to address this dynamic is appropriate. 'I very much support what we are doing,' Barkin told reporters at Howard University on Tuesday when asked about his view on fighting inflation through interest rate hikes. 'If you go back four months ago, there were many shocks that looked one-off and possibly temporary, eventually fading away—inflation could have returned to the trajectory seen in early 2025,' he said. 'In my view, these shocks are clearly persisting now, inflation is persisting, and taking some measures to address it makes sense,' he said. (Sina Finance)