Fed's Barkin: There's still a lot of room to grow in labor market

"Lower-wage employee base has increased aspirations for what they need to go back to work," Richmond Federal Reserve Bank President Thomas Barkin said on Monday, as reported by Reuters.

Key quotes

"There's still a lot of room to grow in labor market; will take into the summer to unclog it."

"Do not think business travel and office work has gone away; they will come back with more flexibility."

"Upward wage pressure is very much a lower-wage thing; not seeing it in jobs with wages $15 and up."

"Most businesses do not want to raise prices; they will probe alternatives, like automation."

Market reaction

These comments don't seem to be having a significant impact on the USD's performance against its rivals. As of writing, the US Dollar Index was down 0.2% on the day at 89.65.