Richmond Fed president says it’s not yet clear when the central bank should cut rates. ‘It’s really hard to drive when it’s foggy’

A top Federal Reserve official said Friday that massive uncertainty created by President Donald Trump’s tariffs has caused some businesses to cut back on hiring and spending, threatening to slow the economy, but he added that it’s not yet clear whether the central bank should cut its key interest rate.

Tom Barkin, president of the Federal Reserve’s Richmond branch, said businesses have turned cautious, though are not yet engaging in steep job cuts or other behavior typical of a recession.