Federal Reserve Bank of Richmond President Thomas Barkin said he’s not convinced inflation is on a clear path toward the central bank’s 2% target despite “real progress” curbing price pressures in recent months.

“I’m just not convinced that inflation is on some smooth glide path down to 2%,” Barkin said at an event in Westminster, South Carolina following the release of data on Tuesday showing inflation broadly slowed in October. The so-called core consumer price index, which excludes food and energy costs, increased 0.2% from September, a Bureau of Labor Statistics report showed, unchanged from the previous month.

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