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Fed Governor Barr says economy is strikingly resilient

Barr also said the Fed may not reach its 2% inflation target in a timely way without policy adjustments.

Reported · Written up by our desk · Central Banks

Federal Reserve Governor Michael Barr said the US economy remains “strikingly” resilient, and pointed to elevated wage rates in skilled trades, according to FXStreet.

Barr defended the most recent rate hike as appropriate and said further adjustments to monetary policy are likely.

He said the Fed’s focus is on what incoming data indicate for the outlook and the balance of risks tied to its congressional mandate, which includes price stability and full employment.

Barr added that he sees the Fed potentially not reaching its 2% inflation target in a timely way unless policy is adjusted.

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