Barkin said he understands that the fight against inflation has been long, but that “it is critical that we remain steadfast.”

The Federal Reserve held interest rates steady at its January meeting following three consecutive rate cuts amid uncertainty over inflation and economic conditions.

Richmond Fed president Tom Barkin said Tuesday that he wants to keep interest rates 'modestly restrictive' until he gains more confidence inflation is returning to the central bank’s 2% goal, warning about lessons learned from the 1970s.