Fed’s Barkin: Unwilling to rule out another interest rate hike

Tom Barkin, President of the Federal Reserve Bank of Richmond, said on Wednesday that he is unwilling to take another interest rate hike off the table.

After these comments, the dollar holds modest daily gains, recovering from monthly lows. The DXY is up by 0.15%, at 102.90.

Barkin believes that inflation will be more stubborn than what the Fed’s policymakers would like. In an interview on CNBC, he considered that talks about rate cuts are premature.

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