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Fortune

Sheryl Estrada

Fed's Tom Barkin, a former McKinsey CFO, says the 'AI Apocalypse' hasn't arrived

Tom Barkin US Federal Reserve McKinsey Richmond Fed Barbara Humpton Inflation

Richmond Fed President and CEO Tom Barkin (Credit: Courtesy of The Economic Club of Washington, D.C./Gary Cameron)

Good morning. The Federal Reserve raised interest rates for the first time since mid-2023 last week as some of the forces pushing up inflation prove harder to shake, Richmond Fed President and CEO Tom Barkin said Thursday.

Barkin pointed to persistent tariff costs, higher gasoline prices and a huge wave of AI investment that is pushing up prices for some technology equipment during a conversation with Barbara Humpton, CEO of USA Rare Earth, at an Economic Club of Washington, D.C., event.

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