Barkin, chairperson of the Richmond Fed, said the Fed needed more clarity on the path of inflation before it could cut interest rates. Barkin, who has a vote on monetary policy this year, said policy was well positioned, adding that the Fed had the strength it needed to curb inflation. Asked whether the Fed could cut rates once and hold them there, Barkin said it depended on economic data. If the current situation persists, now may not be the best time to provide guidance on the timeline for subsequent policy adjustments. "There are times when we want to provide forward guidance and we do," he said. "It doesn't seem to me like that time. It doesn't feel like a time to issue forward guidance. Let's see where the data take us."