Federal member Barkin: The bank is in a suitable position to respond to economic developments.

During his speech on Tuesday, Thomas Barkin, a member of the Federal Reserve Bank of Richmond, stated that the Federal Reserve is positioned to respond appropriately and as needed to any sudden changes, regardless of how economic data evolves.

Alongside that, the key points mentioned in Barkin's talk were:

• The U.S. economy appears to be in very good shape.
• The U.S. labor market remains resilient despite recent negative data.
• However, the Federal Reserve will closely monitor labor market conditions to see whether it remains in good shape or continues to weaken further.
• Inflation may be under control and remain so, but there are still some risks that it could stay above the Federal Reserve's target of 2%.
• The Federal Reserve's focus may shift to responding to rising inflation risks or risks from slowing employment data, depending on how incoming economic data evolves.