Federal Reserve Bank of Richmond President Thomas Barkin said on Thursday that inflation has gone up faster than he expected due to the virus, vaccines and fiscal support.
"He is as comfortable with the Fed's new average inflation targeting framework as he was 18 months ago."
"Forward guidance may not be as easy to understand as when the central bank was approaching inflation from below 2% target."
"Long term inflation expectations are always a concern."
"Important to have long-run inflation expectations stable at the fed's target."
"He is supportive of normalizing monetary policy as the fed is doing."