Governor Michael S. Barr spoke Tue 29 Sep 2026 at the Detroit Economic Club in Detroit, Michigan.
The economy has been knocked off course on progress toward the 2 percent goal.
Only two months of data have been consistent with 2 percent core PCE inflation over the past 20 months.
There is no clear trend toward a timely return to 2 percent.
Earlier this month, the FOMC unanimously agreed to raise short-term policy interest rates.
Governor Michael S. Barr said the base case is that further policy adjustments are likely to be needed so inflation comes down to target in a timely fashion.
As-of Tue 29 Sep 2026. Federal Reserve.
