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Fed’s Barkin says interest rates need to rise to ‘normal’ levels

“Other reasons for caution are supply chain constraints, geopolitical instability, market volatility and the potential effects of higher interest rates, he said” writes Senior Economics Reporter for The Fed has penciled in two more interest rate hikes this year and three in 2019.Barkin, a former top executive at McKinsey, said the Fed can move rates up gradually because many firms don’t think they can pass on higher costs to consumers and this is keeping inflation low.Barkin, a voting member of the Fed’s interest-rate committee, echoed last week’s Fed statement, saying the economy is “strong.” “Overall, it’s starting to feel like we’ve got some tailwinds rather than headwinds,” he said.

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