Fed’s Barkin Sees ‘Delicate Balance’ as He Waits for New Data

Federal Reserve Bank of Richmond President Tom Barkin said the outlook for monetary policy remains in a delicate balance given the conflicting pressures from rising unemployment and still-high inflation.

Last year’s 75 basis points of policy easing means interest rates are now within the range of estimates for the so-called neutral rate, Barkin said, which he likened to taking out insurance.

Richmond Fed President Tom Barkin.

Photographer: Christopher Goodney/Bloomberg

“But going forward, policy will require finely tuned judgments balancing progress on each side of our mandate,” Barkin said in remarks prepared for an event Tuesday organized by the Raleigh Chamber of Commerce.

Fed officials remain divided over ...