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Federal Reserve official Barkin stated that a gradual approach to monetary policy is appropriate when the central bank is not significantly behind the curve.
Greg Ip highlighted Barkin's comment, noting that a tightening or easing cycle does not necessarily require action at consecutive meetings.
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Greg Ip recently reported that the ACM model estimates the long-run neutral U.S. interest rate at 4.3%, higher than current rates and FOMC forecasts (link). In a separate note, he observed that core CPI is rising while core PCE is falling, contrary to expectations for convergence earlier this year (link). These observations provide further context to ongoing discussions around monetary policy adjustments.