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Fed's Barkin says central bank can tweak path once its gets to neutral rate

Wednesday, May 11, 2022
Fed's Barkin says central bank can tweak path once its gets to neutral rate © Reuters. FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas, Texas, U.S., May 23, 2019. REUTERS/Ann Saphir

(Reuters) - The U.S. Federal Reserve can assess how much more it needs to do to bring inflation back down to its 2% goal when it has raised borrowing costs to a neutral level, Richmond Fed President Thomas Barkin said on Tuesday.

"Once we get in the range of the neutral rate, we can then determine whether inflation remains at a level that requires us to put the brakes on the economy or not," Barkin said in prepared remarks to a local chamber of commerce in North East, Maryland, adding the central bank could avoid inducing a 1980s-style recession as its tries to drive down inflation.

The central bank last week raised its benchmark overnight lending rate by half a percentage point and has pivoted in recent months to become more aggressive in tightening policy as it seeks to return inflation, which remains at a 40-year high, closer to its goal.

"We will do what we need to do," Barkin said, noting in his speech Fed Chair Jerome Powell's recent comments that 50 basis point hikes are on the table for the Fed's next two policy meetings in June and July.

There are some tentative signs inflation has peaked, which would be welcomed by Fed policymakers as they seek to avoid having to become more aggressive with rate hikes to rebalance the economy.

A U.S. government report on Wednesday is expected to show consumer price inflation slowed slightly in April. That said, the Fed's preferred measure of inflation is still running more than three times above the central bank's goal.

But Russia's invasion of Ukraine, which has driven up food and energy prices, and recent lockdowns in China to tamp down COVID cases remain a great source of uncertainty in assessing how long outsized inflation pressures will remain.

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24-05-2022 03:29:47 (UTC+7)

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 EUR/USD1.0690Neutral
 GBP/USD1.2587↑ Buy
 USD/JPY127.90Buy
 AUD/USD0.7104↑ Sell
 USD/CAD1.2773Buy
 EUR/JPY136.73Neutral
 EUR/CHF1.0323↑ Sell
 Gold1,851.82↑ Sell
 Silver21.767↑ Sell
 Copper4.3422↑ Sell
 Crude Oil WTI110.61Neutral
 Brent Oil110.98Buy
 Natural Gas8.838↑ Sell
 US Coffee C215.58↑ Buy
 Euro Stoxx 503,708.39↑ Buy
 S&P 5003,973.75↑ Buy
 DAX14,175.40↑ Buy
 FTSE 1007,513.44↑ Buy
 Hang Seng20,470.06Neutral
 Small Cap 20001,788.91↑ Sell
 IBEX 358,625.80↑ Buy
 BASF49.735↑ Buy
 Bayer64.47↑ Buy
 Allianz199.38↑ Buy
 Adidas175.48↑ Buy
 Lufthansa6.903Neutral
 Siemens AG116.70↑ Buy
 Deutsche Bank AG10.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,890/ 6,990
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