Fed’s Barkin Focused on ‘Last Mile’ to Inflation Target (1)

Federal Reserve Bank of Richmond President Tom Barkin said last year’s interest-rate reductions have helped bolster the labor market as officials now look to bring inflation back down to the central bank’s target.

“I think of these cuts as having taken out some insurance to support the labor market as we work to complete the last mile to bring inflation back to target,” Barkin said Tuesday at an event in Columbia, South Carolina.

Barkin said the economic outlook is improving as uncertainty fades, but risks remain with hiring concentrated in a few sectors and inflation still running above the ...