Richmond Federal Reserve (Fed) President Thomas Barkin reflected on recent economic developments during a speech in South Carolina on Monday. A member of the Fed's Federal Open Market Committee (FOMC), Barkin is one of the Fed's key voting voices on policy rates.

Key highlights:

• Inflation data this year is disappointing; the job on inflation is not yet done.
• Remains confident that the current restrictive level of rates will curb demand enough to cool inflation.
• Businesses are still looking to raise prices, key risk remains shelter and services inflation keeping headline index above target.
• Given the strong labor market, Fed still has time to gain confidence that inflation will fall.
• Data "whiplash" confirms the value of the Fed being deliberate.
• Barkin doesn't see the economy overheating, but the Fed knows how to respond if it does.