Barkin says oil shock is viewed as short-term disruption
Richmond Fed President Tom Barkin said businesses and consumers view high oil prices as temporary. He expects a gradual path toward the inflation target.
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Richmond Federal Reserve Bank President Tom Barkin recently indicated that businesses and households in the United States are currently treating the spike in oil prices as a temporary disruption. According to Barkin, there is little evidence so far that the surge has caused a significant pullback in consumer spending or a shift in inflation expectations that would alarm policymakers.
"My instinct is youve still got a short-term lens on this."
