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Beyond Today’s Inflation Storm

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  • Tom Barkin

Abstract

When the Fed determines how to contain inflation, the conditions matter. Before the pandemic, we had a period with "the wind at our back" when it came to containing inflation. A number of disinflationary factors affected the real economy and the Fed's success depended on us recognizing them, understanding their impact and adjusting. The pandemic has been quite a storm; bringing, it seems, one short-term inflationary gust after another. Initially, we thought inflation would be short-lived. Now, with inflation persisting and broadening, we have moved to start to normalize our monetary policy stance. What direction the winds will be blowing going forward remains an open question. There are reasons to think we may face more headwinds, requiring us to navigate in the context of more medium-term inflationary pressure. If that's the case, we may need to note the conditions and adjust.

Suggested Citation

  • Tom Barkin, 2022. "Beyond Today’s Inflation Storm," Speech 101269, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:r00034:101269
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    File URL: https://www.richmondfed.org/press_room/speeches/thomas_i_barkin/2022/barkin_speech_20220412
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