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Federal Reserve (Fed) Governor Michael Barr spoke at a virtual event for Fed Communities on Thursday, where he claimed that it is becoming increasingly difficult for those who are less well-off to save.

• Inflation to overshoot target by 1 pp
• It will take 2-3 years to get back to target
• Could be a decade of Fed overshooting target
• Does not put high odds on labor market downturn

She’s hawkish but that’s no surprise.

This article was written by Adam Button at investinglive.com.

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Fed Gov. Barr is also speaking and says:

• Progress has been made on inflation, but there is still work to do.
• Two-speed economy with wealthier households thriving
• Fed has to pay attention to ensuring the job market is solid
• Low hiring part of low-hire. Low fire environment may be showing some effect of AI adoption in some sectors.
• Big gap in economy right now between upper 40% and everyone else.
• Makes it harder for less well off to save, more at risk of shocks

Barr is best characterised as a mild dove on interest-rate policy: he is willing to wait and monitor data rather than push for immediate cuts.

However, he is struggling with concerns that inflation is not where it should be, but also weary of the employment market getting weaker.

Barr is a permanent voting member on the FOMC board as a governor. He voted to cut rates at the last meeting.

This article was written by Greg Michalowski at investinglive.com.

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