Richmond Fed prez: 'As long as folks have jobs, I see them spending'
Richmond Federal Reserve President Tom Barkin predicts the economy will be strong at the end of the year.
FOX Business' Edward Lawrence sat down with Richmond Federal Reserve President Tom Barkin to discuss the U.S. economy and how it's faring currently.
Barkin predicts the economy will be strong at the end of the year.
"As long as folks have jobs, I see them spending, and in a positive sense, they've also got savings," Barkin told Lawrence. "Savings rates are much higher than they were 10 years ago. They've got access to credit. And, for the most part, they've got confidence that the economy is going to continue to thrive."
However, Barkin admits the current trade uncertainty is impacting the economy.
"I think the manufacturing sector has slowed down."
He said he's currently in a wait-and-see moment to find out if that slowing will spread to the rest of the economy.
Despite being surrounded by jabs from President Trump, Barkin said it's important for the Federal Reserve to focus on the data and what their mandate of doing the best that they can with regards to employment and inflation.
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"The biggest thing I've learned in the job is how much focus we get from the political sphere, but also from the markets and from the media, and its incoming is almost constant," Barkin. "So I think all central bankers have sort of learned how to steel themselves, to not listen to what they get in the press."