Fed's Barkin says US central bank's direction 'straightforward,' the question is pace, SiriusXM reports

Richmond Federal Reserve President Tom Barkin said Friday that the direction of US monetary policy was clear, given elevated inflation and a resilient economy, while the timing of further increases remained uncertain. Speaking on SiriusXM, he said the Fed had indicated a gradual approach, which he considered appropriate while policymakers assessed incoming information.

Barkin said businesses in his district were facing higher costs, including for diesel, computer chips and skilled workers, and were increasingly prepared to raise prices. The Fed kept rates unchanged this week, while its statement pointed to the value of additional data; investors are looking to the December 8-9 meeting, where they expect a quarter-point increase. Business Recorder also noted that stronger-than-expected growth and inflation data emerged this week, as US equities had recently declined.