MNI BRIEF: Fed's Barkin Still Undecided on December Move

Richmond Federal Reserve Bank President Thomas Barkin said Tuesday he is not ready to provide guidance on whether he intends to support a rate cut at the central bank's Dec. 9-10 meeting. 

"You may notice nothing I just said gives any guidance for our next meeting. That’s intentional, as I think we have a lot to learn between now and then," Barkin said in prepared remarks. 

"On net, we are seeing pressure on both sides of our mandate, with inflation above our target and job growth down," he said. "But we also see mitigants on both sides, with consumer pushback and productivity improvements limiting inflation and labor supply slowing at roughly the same pace as labor demand, reducing the hit to unemployment." (See: MNI INTERVIEW: Fed Dec Pause Would Preserve Options - Sheets) 

Barkin said he welcomes the return of official economic data to help clarify a muddied outlook. "When the lighthouse goes dark, you might remain on your preexisting path at first, but soon enough, you will want to throttle back until you get more visibility. That’s not a particularly comfortable place to be, so I am looking forward to some illumination," he said.