Fed's Barr: US Economy 'Strikingly' Resilient, May Need Further Rate Hikes

Federal Reserve Governor Michael Barr expressed his confidence in the US economy's resilience during a recent speech, stating that it is 'strikingly' resilient. He also highlighted the importance of addressing elevated wage rates in skilled trades and achieving balance between supply and demand.

Barr emphasized that the Fed's policy decisions are data-dependent and focused on achieving its dual mandate of price stability and full employment. He acknowledged that the last interest rate hike was 'appropriate' but hinted at the possibility of further adjustments to achieve the 2% inflation target in a timely manner.