Tom Barkin, President of the Federal Reserve Bank of Richmond, recently provided insights on the current state of the economy and potential future trends. At a speaking engagement, Barkin acknowledged the unexpected strength of the economy in 2023, with low unemployment and moderate inflation. However, he also highlighted some concerning trends in early 2024 data, such as higher PCE inflation and softer consumer spending.Barkin used a Peanuts comic strip to illustrate the diverse interpretations of the same data, emphasizing the need for different perspectives. He...
On a recent trip to Southeastern Virginia, the Richmond Fed President Tom Barkin, along with Regional Executive Renee Haltom and Community Development Manager Jarrod Elwell, delved into the complexities of the region's economic landscape, particularly in the area known as Peanut Country.The team's visit unveiled contrasting narratives within Peanut Country, showcasing the delicate balance between preserving rural traditions and embracing urban developments. In Greensville County and Emporia, the team discovered a community striving to reverse historic disinvestment and...
The Federal Reserve Bank of Richmond has recently announced new officer appointments to key positions within the organization. These appointments highlight the bank's commitment to fulfilling its mission of fostering economic stability and strength.One of the notable appointments is that of Christin Patel as senior vice president with responsibility for the National Procurement Office. In this role, Patel will oversee the management of procurement activities for the Federal Reserve System. Patel has been with the Richmond Fed since 2008, starting as a strategic management...
