Barkin said he understands that the fight against inflation has been long, but that “it is critical that we remain steadfast.”

The Federal Reserve’s preferred inflation gauge cooled in January, if economists’ forecasts are right. The Bureau of Economic Analysis is scheduled to release the latest reading for the personal consumption expenditures,

Richmond Fed president Tom Barkin said Tuesday that he wants to keep interest rates 'modestly restrictive' until he gains more confidence inflation is returning to the central bank’s 2% goal, warning about lessons learned from the 1970s.

"Uncertainty argues for caution as we look to wrap up the inflation fight," Richmond Fed President Tom Barkin said during a speech to the Rotary Club of Richmond on Tuesday. "If headwinds persist, we may well need to use policy to lean against that wind.