Federal Reserve Governor Barr stated that further interest rate hikes may be required as inflation risks have increased and the trend toward the 2% target is not evident. He emphasized that policy needs recalibration, noting the Fed has been "forced off" its inflation goal and that risks to achieving the target have risen while labor market risks have decreased.
Barr expects GDP growth in the second half of the year to pick up slightly compared to the 2% pace seen in the first half. He identified inflation as a key issue and indicated his base case involves further policy adjustments to address persistent price pressures.
Fed Governor Barr Signals Further Rate Hikes May Be Necessary
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