The Federal Reserve could lose credibility if it were to consider changing its 2% inflation target before achieving that goal, Richmond Fed President Thomas Barkin said. “It’s not like 2% is some magical unicorn of a number that we could never hit,” Barkin said Tuesday at an event hosted by the Danville Pittsylvania County Chamber of Commerce in Danville, Virginia. The Fed’s preferred inflation gauge rose 3% from a year earlier in June, marking the smallest increase in more than two years. That’s down from as much as 7% last year as Fed officials embarked on their most aggressive policy-tightening campaign in a ... (full story)