Federal Reserve Chairman Barkin said on Friday that there is no rush to cut interest rates given that the risk that new import taxes could push up inflation remains unresolved and the U.S. job market and consumer spending are strong. In an interview with Reuters, Barkin pointed out, "I don't think these data will make us rush to cut interest rates... I am very clear that we have not achieved our inflation target in four years." Businesses in Barkin's district (Richmond) still expect prices to rise later this year as new tariffs take effect, and import tariffs may rise further in the coming months. In addition, he said that the unemployment rate remains low at 4.2%, and companies do not seem to be showing signs of large-scale layoffs, which would undermine the Fed's other goal of maintaining maximum employment. With the final outcome of the tariffs still undecided, Barkin said, "I would say the response we have to continue to be is to wait and see. Waiting and watching is not to step on the brakes. Just don't step on the accelerator."