spaceinvadersarcadegame| Richmond Fed President Barkin: The Fed needs more time to reduce inflation

Richmond Fed President Thomas Barkin cited rising services prices and pointed out that the Fed needs to keep interest rates high for longer to bring inflation down to 2%spaceinvadersarcadegamegoal.

Barkin said U.S. demand needs to slow down a bit to get inflation to meet the Fed's target, noting that commodity inflation has fallen sharply as supply chains recover.

"To achieve 2% sustainably the right way,spaceinvadersarcadegameI think it will take some time,"he said Thursday. "I still think there are a lot of changes in the services industry and it will take some time. I am sure we are on the right path."

Fed officials have kept rates unchanged since their July meeting last year, and stronger-than-expected inflation data kept officials from cutting rates from highs since 2001.

Barkin said Wednesday's report showing stagnant retail sales in April showed "consumer spending is good, but not very good," adding that "that's one of the issues, which is how hot demand is."

spaceinvadersarcadegame| Richmond Fed President Barkin: The Fed needs more time to reduce inflation

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