Tom Barkin, president of the Richmond Fed, said inflation remains the Federal Reserve’s primary risk and advocated for a gradual monetary policy approach. His comments followed the Federal Open Market Committee’s decision to keep the federal-funds target range between 3.75% and 4.00%. As a nonvoting committee member in 2026, Barkin is contributing to the debate over potential rate hikes while inflation remains above the 2% target. Prediction markets and rate pricing indicate that at least one increase could occur this year. Upcoming inflation data, statements from Jerome Powell and the committee’s economic projections will be key in assessing the direction of monetary policy.
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