Barkin Says Fed Should Wait for Clarity Before Adjusting Rates

Federal Reserve Bank of Richmond President Tom Barkin said he expects tariffs will put upward pressure on prices, and with so much still uncertain, the central bank should wait for more clarity before adjusting interest rates.

Barkin said that tariff uncertainty remains “pronounced” and that business leaders have paused hiring and new investments as a result. The budget outlook is also unclear, he said, and developments in the Middle East only add to the uncertain outlook.