September 22, 2026 SpeechDovish
Why Hike?
The Federal Reserve has a dual mandate from Congress: price stability and maximum employment. The FOMC weighs each as we make our decisions.
President, Federal Reserve Bank of Richmond
Thomas I. Barkin
2026 alternate 2027 voter
Role
| Institution | Federal Reserve Bank of Richmond (District 5) |
|---|---|
| Current role since | January 1, 2018 |
| Term ends | — |
| Official page | www.richmondfed.org |
| On X | @RichmondFed |
Bank page gives 2018 only (month and day shown here are placeholders). 2026 alternate; votes in 2027.
Vote record
| Meeting | Decision | Vote | Preference |
|---|---|---|---|
| December 18, 2024 | cut 4.25–4.50% | With majority | |
| November 7, 2024 | cut 4.50–4.75% | With majority | |
| September 18, 2024 | cut 4.75–5.00% | With majority | |
| July 31, 2024 | hold 5.25–5.50% | With majority | |
| June 12, 2024 | hold 5.25–5.50% | With majority | |
| May 1, 2024 | hold 5.25–5.50% | With majority | |
| March 20, 2024 | hold 5.25–5.50% | With majority | |
| January 31, 2024 | hold 5.25–5.50% | With majority | |
| December 15, 2021 | hold 0.00–0.25% | With majority | |
| November 3, 2021 | hold 0.00–0.25% | With majority | |
| September 22, 2021 | hold 0.00–0.25% | With majority | |
| July 28, 2021 | hold 0.00–0.25% | With majority | |
| June 16, 2021 | hold 0.00–0.25% | With majority | |
| April 28, 2021 | hold 0.00–0.25% | With majority | |
| March 17, 2021 | hold 0.00–0.25% | With majority | |
| January 27, 2021 | hold 0.00–0.25% | With majority |
Source: FOMC statements, federalreserve.gov. From June 2026 the statements name only dissenters; majorities are inferred from the voting roster.
On the record
August 13, 2026 SpeechDovish
The Mysterious U.S. Economy
And the current level of interest rates, many think, is still restrictive enough to bring inflation down.
May 21, 2026 SpeechDovish
Navigating Supply Shocks
This approach of looking through supply shocks has worked well for a generation thanks to what economists call "anchored long-term inflation expectations." Where businesses and consumers expect inflation to be in the future helps shape actual inflation. It informs how individuals negotiate wages and how businesses set prices.
March 27, 2026 SpeechDovish
Driving Through Economic Fog (Still)
I'll be watching carefully the impact of this latest shock on both inflation and inflation expectations.
February 3, 2026 SpeechDovish
U.S. Economy: The Road Ahead
I think of these cuts as having taken out some insurance to support the labor market as we work to complete the last mile to bring inflation back to target. So far, so good.
January 6, 2026 SpeechDovish
Tuning In: 2026 Outlook
As the labor market has softened in the past year, the FOMC cut rates further in the fall and to a level now within the range of its estimates of neutral. Think of it as taking out a bit of insurance.
November 18, 2025 SpeechDovish
Operating with Limited Data
I will note it is a challenge to calibrate how much impact slower job growth will have on the unemployment rate, because we have been witnessing a rapid drop in the growth of labor supply. My generation is aging out of the workforce, and net immigration is declining.
September 26, 2025 SpeechDovish
Staying Sanguine About the Horizon
At our last meeting, we cut the federal funds rate by 25 basis points to just over 4 percent, moving toward a more neutral policy stance. This should help support the labor market while maintaining pressure on inflation, in the interest of keeping the economy on path to that more stable horizon.
August 12, 2025 SpeechHawkish
Why the Consumer Matters
You'll have seen that, at our July meeting, with the labor market near most estimates of maximum employment and inflation above target, the FOMC continued to hold the fed funds rate at a modestly restrictive level. We may well see pressure on inflation, and we may also see pressure on unemployment, but the balance between the two is still unclear.