Fed’s Barkin Says ‘Definitely’ Sees Signs Economy Is Softening

Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas, Texas, on May 23, 2019. Ann Saphir/Reuters

CHARLOTTE, N.C.—The U.S. economy is slowing as consumers are buffeted by inflation and pandemic-driven demand for goods returns to more normal levels, Richmond Federal Reserve president Thomas Barkin said on Tuesday.

“I definitely see signs of softening,” Barkin said, with the evidence “most pronounced in lower income households” and in parts of the economy that saw demand surge during the pandemic.