AdvertisementThat’s still above the Fed’s target inflation rate of 2%, but it’s the lowest level since early 2021 — and it was lower than analysts expected. Stocks rallied following the news, but Barkin, president of the Federal Reserve Bank in Richmond, Virginia, was circumspect in his remarks. Over the past 16 months, the Fed has raised its benchmark interest rate by 5 percentage points to curb inflation. His remarks were part of an annual economic outlook event hosted by the Anne Arundel Chamber of Commerce. Tom Barkin, president of the Federal Reserve Bank in Richmond, Virginia, spoke to a group of business leaders at Anne Arundel Community College.

Source: Daily Sun July 12, 2023 20:50 UTC