The U.S. economy is in a good place, but the labor market bears watching, Richmond Fed President Tom Barkin said Tuesday. “So, the labor market might be fine or it might continue to weaken,” Barkin said,

Federal Reserve Bank of Richmond President Thomas Barkin said the economy is in a good place, which has allowed the US central bank to lower borrowing costs.

With inflation close to the Federal Reserve's 2% target, the labor market resilient, and the U.S. central bank in the process of lowering borrowing costs, policymakers are ready to respond if inflation pressures rise or the job market weakens,

That matched forecasts from economists polled by FactSet that the Consumer Price Index rose 2.6% in October. The CPI rose 2.4% in September, when the Fed ushered in a jumbo rate cut of 0.5 percentage points, followed by a second rate cut this month.

Following the Fed's 0.5% rate cut in September, mortgage rates went up, not down. Even though the central bank's policy decisions and economic outlook affect credit markets, the F