Richmond Federal Reserve President Thomas Barkin said on Tuesday that there will be no rapid return for the U.S. economy to the experience of the previous decade of stable growth, jobs and inflation, Reuters reported. 

Key quotes

''We're about two years into a quite unstable time.''

 "It seems to me highly unlikely you go from very stable to very volatile to very stable again...continued volatility around some of these economic indicators is a more likely scenario than a return to that kind of stability."

''There could be some months, or even quarters ahead, when inflation readings will oscillate between pre-pandemic levels and higher ones.''

''There also is a real possibility that deglobalization and systemic labor market shortages could cause persistent headwinds to keeping inflation down."That's a risk I am very attuned to."