Thomas Barkin, president of the Federal Reserve Bank of Richmond and 2027 FOMC voting member, said today that the direction of monetary policy is "clear" but the central bank should proceed "cautiously" in adjusting policy. Barkin highlighted inflation risk as a key concern, citing widespread reports of cost pressures across the economy. While consumer sentiment remains "grim," spending continues supported by labor market strength. Companies are performing well with "significant" profits and will attempt to pass higher costs to consumers. The combination of resilient demand and broad-based cost increases is putting upward pressure on prices. Barkin noted that banks report healthy lending conditions with demand exceeding artificial intelligence sector needs, while the U.S. economy remains "very stable" with only mild layoffs.

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