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The Need to Be Nimble

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  • Tom Barkin

Abstract

The challenge in assessing today’s economy is reconciling the strength of the recent data with the potential for weakness coming from the banking system. It is possible that tightening credit conditions, along with the lagged effect of our rate moves, will bring inflation down relatively quickly. But I still think it could take time for inflation to return to target. Policy will need to be nimble. If inflation persists, we can react by raising rates further. If I am wrong about the pricing dynamics at play, or about credit conditions, then we can respond appropriately.

Suggested Citation

  • Tom Barkin, 2023. "The Need to Be Nimble," Speech 101242, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:r00034:101242
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    File URL: https://www.richmondfed.org/press_room/speeches/thomas_i_barkin/2023/barkin_speech_20230330
    File Function: Speech
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