Richmond Federal Reserve President Thomas Barkin has said uncertainty around the US economy has intensified even though unemployment, consumer spending and GDP growth have remained relatively steady, while inflation has stayed above the Federal Reserve's 2% target. In March 27 remarks at East Tennessee State University, Barkin said the policy outlook was clouded by sticky inflation, stalled hiring, geopolitical risks tied to Iran and uncertainty around artificial intelligence. In later 2026 comments, including a May 21 speech and a July Wall Street Journal interview, he described policy as a "close call," warned that inflation above target for more than five years could unsettle expectations, and said the Fed may need to tighten further if required after March 2026 headline PCE reached 3.5% year-over-year. More recently, Barkin said he does not believe there is current wage inflation, a view described as consistent with Bureau of Labor Statistics data showing modest wage growth and with market expectations for less immediate pressure to tighten policy further. Investors are likely to watch upcoming US inflation releases, including the Bureau of Labor Statistics' July Consumer Price Index report, for confirmation that price pressures continue to ease.