Fed's Barkin (non-voter) says inflation remains stubbornly and unacceptably high, according to AP

• "He is also seeing some signs that banks in his region — which includes Virginia, North Carolina, South Carolina and West Virginia — are slowing their lending. It isn’t yet clear, he said, what consequences that trend might have on the economy and inflation".
• "Latest figures reflected some one-time fluctuations — sharp drops in airline fares and hotel room prices, for example, and a spike in the cost of used cars — that may not persist."
• "“Just looking through all that it still paints a picture of inflation that is stubbornly high,”"
• "Core inflation has been stuck in a range of 0.3%-0.5% for months, he added, “where you’d really like it to be moving down and in concert with our target.”"
• Fed’s message after its meeting last week was “explicitly not a pause” in its rate increases “or even necessarily a peak.” Instead, he said, it provided “the optionality to do more, if you need to do it. And also the optionality to wait if waiting is appropriate.”

via AP