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Federal Reserve Bank of Richmond President Thomas Barkin on Tuesday said surging home prices are being driven by a jump in demand and constrained supply but not by excess leverage, reducing the potential risk to the broad financial system should prices fall. ....
By Reuters Staff 1 Min Read FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas, Texas, U.S., May 23, 2019. REUTERS/Ann Saphir WASHINGTON (Reuters) - Investors evaluating Fed policy should focus on the central bank’s “explicit” guidance on its plans and the relevant economic outcomes, not on second-guessing far ahead of time when interest rates or the pace of monthly asset purchases might change, Richmond Federal Reserve President Thomas Barkin said on Monday. The guidance from the Fed “is as clear and explicit as we have seen,” pegging any interest rate increase to inflation exceeding the Fed’s 2% target and a return to full employment, and any change in asset purchases to significant progress towards those goals, Barkin told Bloomberg Television. ....
(Bloomberg) Federal Reserve Bank of Richmond President Thomas Barkin played down recent Treasury market volatility, in remarks that reinforce the message that the U.S. central bank is not yet troubled by the increase in yields.“I’m mostly concerned about the labor market,” Barkin said Monday in a Bloomberg Television interview with Michael McKee in answer to a question about turbulence in the bond market. “At these levels of interest rates, when I talk to businesses in my district, I do not hear any sense that people are dialing back their investment.”U.S. Treasury yields surged last week, with the 10-year yield reaching the highest in a year, as investors reviewed the outlook for a stronger economic recovery than expected and priced in a higher likelihood of future Fed interest-rate hikes. Vaccinations and fiscal stimulus have prompted economists to raise estimates for both gross domestic product and inflation.“We obviously have control of t ....