Richmond Fed President Thomas Barkin predicts a positive US economic outlook for 2025, with more upside than downside risk to growth. Despite uncertainty surrounding the impact of trade and other policies under the incoming Trump administration, Barkin anticipates continued growth, potentially with increased inflation risks. He highlights business optimism, consumer spending, and a strong job market.
BALTIMORE, Jan 3 - The outlook for the U.S. economy in 2025 is positive with more upside than downside risk to growth despite uncertainty about the impact of trade and other policies that may be pursued by the incoming Trump administration, Richmond Fed President Thomas Barkin said on Friday.
With businesses optimistic and consumers still spending, Barkin said he felt the job market"is more likely to break toward hiring than toward firing." The Fed cut its benchmark policy rate by a quarter of a percentage point at its December meeting, and lowered the rate a full percentage point over its final three meetings of 2024.
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