Federal Reserve Bank of Richmond Governor Thomas Barkin said that high inflation and a strong labor market require the Federal Reserve to adopt a “prudent and patient” policy approach. He said, “Inflation is on the path of decline, and although it has not been fully achieved, of course we hope that we will be able to reach the target through appropriate monetary policies and a little time.” Barkin notes that policymakers will have to wait and see if recent higher-than-expected inflation is just a “bump” on the path to 2% or the beginning of a trend.