Barkin is the president and chief executive officer of the Richmond Fed, speaking in an interview with CNBC
- escalating cases will hurt us in first quarter, first half
- second half will be very strong
- it will be 'bumpy' but elevated saving, potential for more stimulus are backstops
- will see stronger inflation in 2q because of lower inflation a year earlier
- says expect fiscal support to boost spending over several years
He's still nattering on:
- you would need to see substantial progress toward goals before discussion on qe taper gets on the table
- it's important for fed to go as hard as we can to try to achieve goals
- unemployment rate is not a good measure for where economy is now
- says labor force participation is the bigger issue; it has taken a big hit
- says a lot of jobs will come back with vaccines
