Tom Barkin, Interview: Fox Business

Inflation

“And, while last week’s CPI did come down, and that’s welcomed, the median is still much higher than what I’d want to see.”

Recession

“Well, somebody said in something I read this is the most predicted potential recession in history.  And there’s a lot of predictions on it.  But yet the timeline keeps getting pushed out, and it keeps getting pushed out, in part, because the date remains pretty healthy.  Demand, employment, spending, investment – they all remain relatively healthy.”

Pause

“Well, I’ve certainly taken a lot of time and tried to dig into the 60’s, 70’s and 80’s and try to figure out what I can learn from them.  And the thing I learned is, you just can’t declare victory too soon.  If you back off while inflation is still elevated, it’ll come back ever higher the next time.  Meaning you’ve gotta do even more damage to take control of it.  I’m not in favor of backing off too soon.  I want to see inflation and median and trimmed mean, compellingly headed back to our two percent target.  I think that’s the lesson of the 70’s and that’s what you want us to do.”