8/12, 4:21 PM (Source: TeleTrader)
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Fed's Barkin: Latest inflation data welcome

United States Federal Reserve Bank of Richmond President Thomas Barkin described on Friday the latest update on the country's inflation as "welcome" and expressed his wish for the figure to be "at target" and "under control" for some time.

Speaking to CNBC, Barkin noted the state of the US economy is "fundamentally sound" and "weathering rate hikes well." He added that demand is "definitely softening." Commenting on the possibility of the Fed raising interest rates further, Barkin said that would be "inconsistent" with a tight labor market as it is now.

Earlier this week, it was revealed that the annual inflation in the US declined to 8.5% in July. Despite that, Fed Bank of San Francisco President Mary Daly stated it is too early to "declare victory" over the rising trend in inflation.

Baha Breaking News (BBN) / JR