Richmond Fed President Thomas Barkin highlighted persistent uncertainty in the US economy, pointing to muted business activity, fiscal drag, and inflation expectations weighing on sentiment. While consumer spending remains resilient for now, policymakers are closely watching the evolving data.
Key Quotes
- Published data shows an economy on the same trajectory as the last year or two.
- Businesses still are largely pulling to the sidelines.
- Government spending cuts are having an impact on employment and job postings, particularly in the D.C. area.
- Consumers are anticipating inflation, and that has hit sentiment; no evidence yet that has translated into less spending.
- Waiting to see what happens with inflation and jobs.
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