Fed's Barkin: It's a close call whether interest rates are high enough

Richmond Federal Reserve (Fed) President Tom Barkin said on Friday that it remains uncertain whether the current level of interest rates is sufficiently restrictive to bring inflation back to the Fed's 2% target, according to an interview with The Wall Street Journal.

Barkin also said he was unsure whether he would have joined the three Fed committee members who dissented in favor of a 25 basis-point rate increase at this week's policy meeting. His comments come after the Fed left interest rates unchanged, while Governors Lorie Logan, Beth Hammack and Neel Kashkari favored an immediate hike.

Key quotes

It's a close call whether interest rates are high enough.

I don't know whether I would have joined the three colleagues who dissented in favor of a rate increase.

I'm skeptical that the labor market has strengthened meaningfully.

Price increases are moving through the economy unevenly."