

Fed's Tom Barkin Talks Employment, Inflation
Sep 26, 2025
Tom Barkin, President of the Federal Reserve Bank of Richmond, dives into the shifting landscapes of employment and inflation. He shares insights on the Fed's recent rate cuts and their intentions to balance stimulating the economy while keeping inflation in check. Barkin expresses skepticism about inflation forecasts and highlights the current uncertainty in business sentiment due to tariffs. He emphasizes the need for adaptability in monetary policy, as the Fed monitors labor market changes and other economic data.
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Inflation Forecasts Are Unreliable Now
- Tom Barkin says inflation forecasts are uncertain and hard to trust right now.
- He sees sector cost pressures but expects consumer pushback and productivity to limit broad inflation.
Downside Risks To Unemployment And Inflation Limited
- Barkin notes both unemployment and inflation have moved the wrong way since the last meeting.
- He argues downside risks are limited because labor supply is shrinking and productivity is rising.
Businesses See The Tariff 'Fog' Lifting
- Barkin describes tariff-driven policy uncertainty as a lifting fog for many firms lately.
- He says some sectors still face high uncertainty while others are returning to active planning and investment.