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President's Message: Which Way for the Inflation Winds

Author

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  • Tom Barkin

Abstract

In 2018, when I joined the Richmond Fed, few Americans had inflation on their radar. Why should they have? We'd had a generation of stable prices, supported by the growth of e-commerce, the rise of globalization, favorable workforce demographics, and innovations like the development of fracking. My predecessors on the Federal Open Market Committee (FOMC) also deserve credit; their commitment to an explicit inflation target earned the confidence of businesses and consumers, helping to anchor inflation expectations. If anything, in the years before the pandemic, the concern had been whether inflation was too low. That sure seems like a long time ago.

Suggested Citation

  • Tom Barkin, 2025. "President's Message: Which Way for the Inflation Winds," Econ Focus, Federal Reserve Bank of Richmond, vol. 25(1Q/2Q), pages 1-2, April.
    • Handle: RePEc:fip:fedrrf:99858
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    File URL: https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/econ_focus/2025/presidents_message.pdf
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    Keywords

    Inflation; FOMC;

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