Barkin said he understands that the fight against inflation has been long, but that “it is critical that we remain steadfast.”

Richmond Fed president Tom Barkin said Tuesday that he wants to keep interest rates "modestly restrictive" until he gains more confidence inflation is returning to the central bank’s 2% goal, warning about lessons learned from the 1970s.

Richmond Federal Reserve President Tom Barkin said on Tuesday he will follow a wait-and-see approach regarding central bank interest rate policy until it is clear inflation is returning to the Fed's 2% target.