Navigating Data Whiplash

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: Data matter for policy, and with this data whiplash over the last few months, it is natural to wonder whether we are experiencing a real shift in the economic outlook, or merely one of the bumps we said we expected along the way. Despite my concerns about demand and inflation, I am optimistic that today’s restrictive level of rates can take the edge off demand in order to bring inflation back to our target. We have said we want to gain greater confidence that inflation is moving sustainably toward our 2 percent target. And given a strong labor market, we have time to gain that confidence.

Keywords: Business cycles; economic growth; inflation; monetary policy (search for similar items in EconPapers)
Date: 2024-05-06
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