Richmond Federal Reserve President Thomas Barkin told CNBC on Monday that he sees inflation pressures building this year that he expects to subside in 2022.
“I think we will see price pressure this year. You’ve got a very strong demand situation, and you’ve got constraints in supply,” the central bank official said during a “Closing Bell” interview. “When those things happen, you’re definitely going to see price pressure.”
However, Barkin added that he expects those pressures to subside as economic dynamics change through the year and the economy returns to a more normal state.
“Inflation is a recurring phenomenon. Prices go up this year, prices go up next year,” Barkin said. “I think it’s…