Fed's Barkin Cautious on Rate Cuts Amid Inflation Progress

Richmond Federal Reserve President Tom Barkin has expressed cautious optimism about the progress in reducing inflation, noting a decline to a 3% rate. Despite this, Barkin, who will be a voting member of the Fed’s rate-setting committee next year, emphasized the need for consistent data before considering rate cuts. This statement follows the Federal Reserve’s hint at a potential peak in rates, with a forecast of three rate cuts next year. However, Barkin refrained from confirming these cuts, underscoring the importance of monitoring inflation and economic trends.