Richmond Federal Reserve Bank President Thomas Barkin said on Tuesday that the United States is facing "post-war-like" inflation.

"I don't expect inflation to come down predictably," Barkin noted and reiterated that the Federal Reserve is committed to returning inflation to the 2% target.

Commenting on the growth outlook, "we are not today in a recession," Barkin said and added that a recession does not have to be calamitous.

Market reaction

The US Dollar Index showed no immediate reaction to these comments and was last seen trading in negative territory near 108.50.