Fed's Barkin: Monetary Policy Direction 'Straightforward,' Pace is Key Question

Richmond Federal Reserve President Tom Barkin stated that the direction of U.S. monetary policy is "straightforward" given high inflation and a solid economy, but the pace of future interest rate increases remains an open question. Barkin noted that businesses in his district are reporting rising cost pressures and a willingness to pass those costs along, with booming investment in artificial intelligence also boosting demand and prices. He suggested that the next rate hike could come as soon as the Fed's December 8-9 meeting.