The US economy appears to be gaining strength, with resilient consumer spending and momentum extending beyond the artificial intelligence boom. This keeps the Federal Reserve’s attention firmly on inflation, Richmond Fed President Tom Barkin said on Tuesday, Reuters reported.
Barkin said inflation currently poses a greater threat than weakness in the labour market, explaining that this prompted the Fed to raise interest rates last week. He said the quarter-percentage-point increase “will help” return inflation to the central bank’s 2% target.
