Fed's Barkin: Expect some tariff inflation, but also consumer pushback

Federal Reserve (Fed) Bank of Richmond President Tom Barkin gave an interview on Fox Business on Wednesday, reaffirming that the Fed is broadly in no rush to cut interest rates in the face of potential fallout from the Trump administration's tariffs.

Key highlights

• In jobs report is impact of slowing immigration.
• Will be looking at change in the unemployment rate.
• Have a lot to learn before the next meeting, including jobs, inflation, and on trade policy.
• The economy remains solid.
• Expect the next Fed Chair will do the best thing for the economy.
• Business contacts say they are still on pause, want to see trade policy settled.
• Business contacts say consumer demand remains solid, though consumers are shopping for lower prices.