Fed’s Barkin: Not willing to take another interest rate hike off the table

Tom Barkin, President of the Federal Reserve (Fed) Bank of Richmond, said on Wednesday that he is unwilling to take another interest rate hike off the table. He believes that inflation will be more stubborn than what they would like. In an interview on CNBC, he considered that talks about rate cuts are premature. 

Barkin said he is sceptical about being on track for a 2% inflation. He warned that many service prices are still going up, driven by wages. 

Market reaction

The US Dollar holds modest daily gains, recovering from monthly lows. The DXY is up by 0.15%, at 102.90.