Economic news

Fed’s Barkin says he’s cautious about accuracy of recent economic data

2024.02.08 09:25


© Reuters. FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses within the foyer of Jackson Lake Lodge in Jackson Hole, the place the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S., August 24, 2023. REUTERS/Ann Saphir/File Photo

(Reuters) – Recent stronger-than-expected data on the U.S. financial system could also be partly because of the problem of making correct seasonal changes across the starting of a brand new yr, Richmond Federal Reserve Bank President Thomas Barkin mentioned on Thursday.

“The data has been remarkable across the board,” Barkin mentioned in an interview with Bloomberg TV, citing sturdy economic development and job positive aspects. “But I am always cautious about numbers around the turn of the year, there’s big seasonal adjustments…I am not sure I am going to take too much out of any one month.”

Barkin additionally repeated the Fed might be affected person in parsing extra inflation data earlier than making any change to its benchmark coverage charge.

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