{"id":1810,"date":"2023-10-18T05:43:36","date_gmt":"2023-10-18T05:43:36","guid":{"rendered":"https:\/\/connectwithfund.com\/economy\/feds-barkin-sees-plausible-story-that-slowing-economy-is-working-to-bring-inflation-back-to-2-target\/"},"modified":"2023-10-18T05:43:37","modified_gmt":"2023-10-18T05:43:37","slug":"feds-barkin-sees-plausible-story-that-slowing-economy-is-working-to-bring-inflation-back-to-2-target","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=1810","title":{"rendered":"Fed\u2019s Barkin sees \u2018plausible story\u2019 that slowing economy is working to bring inflation back to 2% target"},"content":{"rendered":"
\n

The U.S. economy may be softer than the data suggest and this weakness may be helping to moderate inflation pressure, said Richmond Fed President Tom Barkin said Tuesday.<\/p>\n

\u201cThere\u2019s a story \u2014 a plausible story \u2014 that weakening demand is already working to bring inflation down to 2%,\u201d Barkin said in a speech to the Real Estate Roundtable in Washington DC.<\/p>\n

\n

While retail sales were strong in September and estimates of third quarter GDP are being revised higher, Barkin said that business contacts are telling him that demand \u201cis softening.\u201d<\/p>\n

Lower-income consumers are \u201cstretched thin\u201d and middle-income consumers are trading down, he said.<\/p>\n

At the same time, the labor market is \u201ccoming into better balance\u201d and wage pressure has moderated.<\/p>\n

\u201cThe question is how much of this softening is feeding through to inflation,\u201d Barkin said,<\/p>\n

Most, but not all, businesses think that the \u201cperiod of major pricing power is behind them,\u201d he said. <\/p>\n

Barkin said the path for inflation \u201cisn\u2019t yet clear\u201d and there is a wide range for potential outcomes for the economy,<\/p>\n

The Fed \u201cis walking a fine line\u201d trying not to overcorrect and damage the economy or \u201cundercorrect \u201cand allow inflation to re-emerge.<\/p>\n

In comments to reporters after his speech, Barkin said the September retail sales report, which showed two straight solid gains, was \u201cstrikingly strong.\u201d<\/p>\n

\u201cThe data is stronger than what I\u2019m seeing,\u201d he said, adding that he might have to rethink his outlook.<\/p>\n

On the September inflation data, Barkin said the pickup in core was \u201ca little higher than you would like.\u201d<\/p>\n

\u201cYou can\u2019t take any one report too definitively. I think you have to accept the six reports before that report were strikingly good,\u201d Barkin said.<\/p>\n

Asked about the rise in the 10-year Treasury note yield
\n BX:TMUBMUSD10Y,<\/span>
\n Barkin said the increase has tightened financial conditions but that long-term rates were not a policy variable because they can move so quickly. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. economy may be softer than the data suggest and this weakness may be helping to moderate inflation pressure, said Richmond Fed President Tom Barkin said Tuesday. \u201cThere\u2019s a story \u2014 a plausible story \u2014 that weakening demand is already working to bring inflation down to 2%,\u201d Barkin said in a speech to the Real Estate Roundtable in Washington DC. While retail sales were strong in September and estimates of third quarter GDP are being revised higher, Barkin said that business contacts are telling him that demand \u201cis softening.\u201d Lower-income consumers are \u201cstretched thin\u201d and middle-income consumers are trading<\/p>\n","protected":false},"author":1,"featured_media":1811,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-1810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"\nFed\u2019s Barkin sees \u2018plausible story\u2019 that slowing economy is working to bring inflation back to 2% target | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"The U.S. economy may be softer than the data suggest and this weakness may be helping to moderate inflation pressure, said Richmond Fed President Tom\" \/>\n<meta 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