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The Economy and the Question of Inflation

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  • Tom Barkin

Abstract

Economic activity has rebounded since March and April but remains well below pre-COVID-19 levels. I have heard concerns about future inflation resulting from the fiscal and monetary response to the pandemic. Inflation has actually been running persistently below the Fed’s 2 percent target. Recent revisions to the Fed’s long-run monetary policy framework aim to boost inflation expectations somewhat. I remain focused on unemployment, given the huge gap between where we are today and our target. Should inflation emerge, the Fed has the tools and the will to address it.

Suggested Citation

  • Tom Barkin, 2020. "The Economy and the Question of Inflation," Speech 101321, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:r00034:101321
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    File URL: https://www.richmondfed.org/press_room/speeches/thomas_i_barkin/2020/barkin_speech_20200924
    File Function: Speech
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