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Fed's Barkin: slower rate hikes, for longer and maybe higher

Reuters has reported that Richmond Federal Reserve Bank President Thomas Barkin on Monday said he supports smaller interest-rate hikes ahead as the central bank moves to bring down too-high inflation.

"I'm very supportive of the path that is slower, probably longer and potentially higher," Barkin said in an interview with Bloomberg TV, though he declined to say how high he believes rates will need to go.

The Fed "will do what we need to do" to get inflation under control, he said.

Key quotes

Our foot is off the gas.

I'm supportive of a path that is slower, longer and potentially higher for rates.

Inflation has been stubborner than would like.
    
If inflation stays elevated, Fed needs to do more.
    
It's helpful to be somewhat more cautious.
    
Moving a little slower is better risk management.
    
Inflation expectations seem to have stayed stable.
    
If inflation stays high, will keep moving rates up.
    
Fed will do what we need to do.
    
I'm focused on bringing down inflation.
    
Don't want to do damage you don't have to do.

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