President's Message: Which Way for the Inflation Winds

Tom Barkin

Econ Focus, 2025, vol. 25, issue 1Q/2Q, 1-2

Abstract: In 2018, when I joined the Richmond Fed, few Americans had inflation on their radar. Why should they have? We'd had a generation of stable prices, supported by the growth of e-commerce, the rise of globalization, favorable workforce demographics, and innovations like the development of fracking. My predecessors on the Federal Open Market Committee (FOMC) also deserve credit; their commitment to an explicit inflation target earned the confidence of businesses and consumers, helping to anchor inflation expectations. If anything, in the years before the pandemic, the concern had been whether inflation was too low. That sure seems like a long time ago.

Keywords: Inflation; FOMC (search for similar items in EconPapers)
Date: 2025
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