Speaking to the Economic Club of New York, Barkin noted the progress against higher prices, but warned that “the plane has not landed yet.”

“So, it’s possible that we will return to the pre-pandemic economy pretty seamlessly. It is also possible that the landing might be somewhat bumpier, with continued inflation pressure or demand challenges that we will need to counteract,” he said in prepared remarks. “That’s why I think it is smart for us to take our time.”


READ MORE: Japan’s Nikkei hits fresh 34-year highs; most Asian markets are closed for Lunar New Year holiday

“When the economy is as strong as it is, it's hard to feel urgency in taking rates down,” Richmond Fed President Tom Barkin said at the Economic Club of New York on Thursday.

He also noted several areas of concern including accelerating wage growth, a lack in housing supply and uncertainty caused by geopolitics.

“That’s why I think it is smart for us to take our time,” he said.

“No one wants inflation to re-emerge. And given robust demand and a historically strong labor market, we have time to build that confidence before we begin the process of toggling rates down.”


READ MORE: Federal Reserve asks for patience ahead of cutting US interest rates

Federal Reserve Bank of Richmond President Thomas Barkin said Thursday it’s too soon to say when the central bank will be able to cut rates.

“I don’t pre-judge meetings” as there is more data to see to take stock of how much inflation is moderating, Barkin told reporters after a speech at the Economic Club of New York.

READ MORE: Fed's Barkin declines to say when it will be time to cut rates

Consumer demand, employment and inflation are all on a good path. But Richmond Federal Reserve President Tom Barkin says one reason for caution is that the U.S. economy transformed in some ways during the pandemic and the effects are still shaking out.

"When it comes to the path of monetary policy," Barkin said in remarks prepared for delivery to the Economic Club of New York, "the economic plane hasn't yet made the so-called soft landing that Central Bank officials are hoping to pull off."

READ MORE: Why Wait on Rate Cuts? Post-Covid Economic Changes Warrant Caution, Barkin Says.

 

Federal Reserve Bank of Richmond President Thomas Barkin said Thursday the central bank has time to decide what’s next for monetary policy while it waits for further assurance that inflation is indeed falling back to target.

“I think it is smart for us to take our time,” Barkin said in a speech delivered to a gathering held by the Economic Club of New York. “No one wants inflation to reemerge,” the official said, “and given robust demand and a historically strong labor market, we have time to build that confidence before we begin the process of toggling rates down.”

READ MORE: Fed's Barkin: Need More Time Before Supporting Rate Cuts

Federal Reserve Bank of Richmond President Thomas Barkin reiterated policymakers have time to be patient about the timing of rate cuts, pointing to a strong labor market and continued disinflation.

“No one wants inflation to reemerge,” Barkin said Thursday in prepared remarks at an Economic Club of New York event.

READ MORE: Fed Has Time to Be Patient on Cutting Interest Rates, Barkin Says

Richmond Fed President Tom Barkin said it would be smart for the central bank to "take our time" on rate cuts despite "remarkable" data showing that inflation is dropping.

Barkin made these comments during a speech before the Economic Club of New York, arguing that while it's possible for the US to return to a pre-pandemic economy "seamlessly," it’s also possible that the landing could be "bumpier."


READ MORE: Tom Barkin becomes latest Fed official to urge patience on rate cuts

Federal Reserve Bank of Richmond President Thomas Barkin said Thursday the central bank has time to decide what’s next for monetary policy while it waits for further assurance that inflation is indeed falling back to target.

“I think it is smart for us to take our time,” Barkin said in a speech delivered to a gathering held by the Economic Club of New York. “No one wants inflation to reemerge,” the official said, “and given robust demand and a historically strong labor market, we have time to build that confidence before we begin the process of toggling rates down.”

READ MORE: Fed's Barkin: Need more time before supporting rate cuts

Dan Schulman is an accomplished executive and board member, who, in his most recent role as the CEO of PayPal, led its transformation to revolutionize how people move and manage money. He currently serves on the boards of Cisco Systems and Verizon Communications. Prior management roles include Group President at American Express, President at Sprint Nextel Corporation, founding CEO of Virgin Mobile USA, and President and CEO of Priceline Group. Mr. Schulman also spent 18 years at AT&T, where he held a series of positions including President of the Consumer Markets Division. He serves on the boards of the Council on Foreign Relations and Cleveland Clinic, and as Vice-Chair of the Economic Club of New York.

READ MORE: Lazard Appoints Dan Schulman and Stephen R. Howe Jr. to Its Board of Directors

Larry Summers, former U.S. Treasury secretary, speaks during an Economic Club of New York event in New York, U.S..

READ MORE: Former Harvard President Larry Summers has 'lost confidence' in school's current leadership

Stephen Squeri, chair and CEO of American Express, speaks during an Economic Club of New York event in New York on Nov. 10, 2022.

READ MORE: American Express CEO says spending is strong, delinquencies are down from 2019

“A soft landing probably looks more likely today than it has at any point since” 2021, Summers, a Harvard University professor, said at an Economic Club of New York event Thursday. A soft landing isn’t assured, he added, but “certainly a very real possibility.”

Summers, a contributor to Bloomberg TV, said that the Federal Reserve’s cycle of hikes dampened demand without clobbering growth, with spending that’s become less sensitive to interest rates.


READ MORE: Summers Says US Soft Landing ‘Very Real Possibility’ Now

ECNY: Signature Luncheon

Author Series

We are honored to welcome back Club Member and Executive Chair of XPO, Brad Jacobs. Brad is a career CEO and serial entrepreneur who has founded seven billion-dollar or multibillion-dollar companies, most recently XPO. Join us as Brad discusses his "next big thing" as well as his upcoming book, How to Make a Few Billion Dollars.

With the availability of a wide range of online courses, taught by globally-renowned professors, students today have unprecedented access to high-quality education, said Microsoft Cofounder Bill Gates. As a result, the ability to learn from top educators has widened opportunity to a broader swath of students.

“If you are a student, this is the best time ever,” Gates said to an audience during a wide-ranging discussion centered around artificial intelligence (AI) at an Economic Club of New York dinner Thursday that was livestreamed.

READ MORE: Bill Gates Says ‘Best Time’ To Be A Student (Except When It Comes To Math)

During a fireside chat at The Economic Club of New York Thursday evening, Gates argued that we need to stay ahead of people with ill intent, such as those who are trying to utilize the technology for cyber crimes, bioterrorism and even physical weapons.

"You'd like to have the good guy defense . . . stay ahead of the bad guy offense," he said.

READ MORE: Bill Gates on AI: We have to stay ahead of the bad guys

Bill Gates said he considers himself a more relaxed boss than many of his tech compatriots at the top.

The Microsoft founder name-checked Elon Musk and Steve Jobs during a fireside chat on Thursday after being awarded the Peter G. Peterson Leadership Excellence Award by the Economic Club of New York.

The talk's moderator asked Gates about the lessons he learned in creating a culture of innovation during his time at the helm of Microsoft.

READ MORE: Bill Gates thinks of himself as 'very nice' compared to Elon Musk and Steve Jobs

ECNY: LEADERSHIP EXCELLENCE AWARD DINNER

Bill Gates will be recognized as the recipient of the 2023 Peter G. Peterson Leadership Excellence Award at a special Year End dinner.

The Award for Leadership Excellence was originally inaugurated in 2011 through a generous personal gift from the late Peter G. Peterson, former Chair and long-time Member of the Economic Club of New York. In 2021, the award was re-named to pay homage to its creator.

Past honorees include George P. Shultz, Paul Volcker, Alice Rivlin, Alan Greenspan, Henry Kissinger, Roger W. Ferguson and Stanley Fischer.

Award recipient Bill Gates will address members at the event with moderator Marie-Josée Kravis.

“My great concern is that you’re going to have fewer people advancing on a traditional investment banking career and on some of the more support areas,” the Apollo partner said at an Economic Club of New York event.

READ MORE: Financial Services Roundup: Market Talk

ECNY: Video Webinar

Diversity, Equity & Inclusion Series: Join us as we welcome Bill Lewis, Partner at Apollo Global Management, Inc.

TOPIC: Reflection on Bill's 45-year Wall Street career and efforts to broaden inclusion across the financial industry.

ECNY: Signature Luncheon

We are honored to welcome Ray Kelly, (CEO of Guardian Group and 37th and 41st New York City Police Commissioner,) to the club for a discussion on the future of New York, the threats we face at home and abroad, the rise of antisemitism and more.