Fed's Barkin: Not a big time for offering forward guidance. Will respond to data.

<p>Fed's Barkin speaking on Fox Business:</p><ul><li>Not a big time for offering forward guidance.</li><li>Fed will respond to data.</li><li>Overall core inflation numbers are coming down nicely, but I lot of that is for goods.</li><li>Business contacts on the ground report they are still raising prices faster than before pandemic</li><li>Continue to view inflation as a stubborn which feeds the higher for longer approach</li><li>Skilled trades continue to see wage pressures</li><li>Inflation does seem to be settling but the job is not done</li></ul><p>Barkin pumps the brakes on too much optimism for Fed policy cuts, although he is encouraged by inflation moving lower.</p><p>Meanwhile, stock prices are trading near highs:</p><ul><li>Dow Industrial Average is up 125 points or 0.36% at 35073</li><li>S&amp;P index is trading up 20.92 points or 0.46% at 4534.95</li><li>NASDAQ index is leading the way with a gain of 114.5 points or 0.82% at 14241</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.