Federal Reserve (Fed) Bank of Richmond President Tom Barkin spoke to reports late Thursday, noting that the Fed has sufficient firepower to address policy issues looking forward, but will have to maintain a strict data-dependent approach as policymakers look to time rate cuts appropriately.

Key highlights

The impact of Fed rate increases will hit in time.

Need clearer inflation signals before rate cut.

Data to determine further moves after initial rate cut.

Fed Reserve is well-positioned with necessary firepower for job.