Richmond Fed President Thomas Barkin emphasizes the need for slow price increases before considering interest rate cuts, as 55% of goods and services have inflation above 3%.

Richmond Fed President Thomas Barkin highlighted the importance of widespread slow price increases before considering interest rate cuts. With 55% of the basket of goods and services seeing price increases above 3%, he finds it difficult to reconcile with the central bank's 2% target. Barkin remains open to rate cuts if future inflation data gives him the required confidence.