FED'S BARKIN: LABOR MARKET IS MOVING IN SOFTENING PATTERN
The Federal Reserve (Fed) Bank of Richmond President Thomas Barkin said on Friday that the labor market in the United States is moving in a very steady softening pattern and is unlikely to reaccelerate at this point.
Key quotes
“Consumer demand remains healthy, though slowing.”
“Labor market reacceleration at this point seems unlikely.”
“There is more uncertainty around the path of inflation given that progress over the last six months has been so reliant on goods.”
“Companies still trying to raise prices; need to see how consumers and competitors react.”
“The first quarter will be important given that businesses tend to mark up at the start of the year.”
“Labor market is 'normalizing nicely’.”
“No problem 'toggling' rate to more normal levels as you build confidence inflation is falling
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