Fed's Barkin: Fed needs to achieve 2% target to ensure its credibility

Eren Sengezer FXStreet

Federal Reserve Bank of Richmond President Thomas Barkin said on Tuesday that the Fed needs to achieve the 2% inflation target to ensure its credibilitiy, per Reuters.

Commenting on the economic outlook, Barkin noted that if the US were to have a recession, it would likely be a "less-severe" one. He further added that they try not to focus too much on short-term market moves.

Market reaction

These comments don't seem to be having a noticeable impact on the US Dollar's performance against its major rivals. As of writing, the US Dollar Index was virtually unchanged on the day at 103.30.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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