Richmond Federal Reserve President Thomas Barkin said on Friday that he will proceed deliberately on monetary policy while delivering prepared remarks at the Global Interdependence Center in Paris, per Reuters.

Key takeaways

"Lags are still are playing out, policy tightening will eventually slow the economy further."

"Agility is key, must adjust according to new information."

"Services and shelter price-setters still have room to push prices higher."

"Open to the idea that rate hikes are not constraining economy as much as we think, given remarkable strength we are seeing."