Barr Signals Potential for More Rate Hikes Amid Persistent Inflation

According to Federal Reserve Governor Michael S. Barr, further interest rate adjustments may be necessary to combat inflation.

Barr made this statement during a speech in Detroit on September 29th, citing that only two months of data show core PCE inflation at 2% over the past 20 months.

The Fed's target for core PCE inflation is 2%, and it has consistently run higher than that over the past 20 months.

Barr also noted that the automobile industry remains critical to Detroit and Michigan, with 12% of U.S. auto assembly and auto parts jobs located in the Detroit metro area.