Richmond Federal Reserve president Tom Barkin said on Thursday that he thinks that U.S. inflation is likely past its peak but still elevated. He noted, however, that it will take longer for a pullback in demand to further slow the pace of price increases.
Barkin also said that data continues to push back recession risk.
In addition, the official noted that the effects of Fed tightening have been substantial. He added that it makes sense for the Fed to steer more deliberately from here due to lagged effects of policy. "I'm confident that our foot is unequivocally on the brake," Barkin said.