If the economy were to undergo an annual physical, Richmond Federal Reserve President Tom Barkin would rate it “reasonably healthy.” That’s because, undeterred by the highest interest rates in 23 years, consumers are still spending and jobs are plentiful, though the pace of both hiring and spending has shown signs of slowing after a multi-year post-Covid boom. Inflation, meanwhile, is inching closer to the Fed’s 2% target — but it could take years before that goal is achieved. In a Friday interview with CNN, Barkin said he observed this firsthand in recent visits with business owners in a wide range of industries ... (full story)