Richmond Fed President Barkin: Whether a Rate Hike Is Needed for the Inflation Target Remains an Open Question

Tom Barkin, president of the Federal Reserve Bank of Richmond, said on Thursday, August 13, 2026 (22 Mordad 1405), in remarks in Greenville, South Carolina, reported by Reuters, that it remains unclear whether the US Federal Reserve will need to raise interest rates to bring inflation back to its 2 percent target. He cited several reasons to think price pressures could ease on their own. The comments came a day after US producer price index data showed annual producer inflation eased to 4.7 percent in July, down from 5.5 percent in June. The Fed's policy rate is a key variable driving the dollar and global gold, both of which anchor domestic dollar and gold pricing in Iran's market.