Thomas I. Barkin, President of the Richmond Fed, stated that the Federal Reserve was close to achieving its inflation target before the recent increases in tariffs and oil prices. According to Jin10, Barkin emphasized the progress made by the Fed in controlling inflation prior to these economic developments. He noted that the central bank had been effectively managing inflationary pressures until external factors, such as rising tariffs and oil prices, began to impact the economy. Barkin's comments highlight the challenges faced by the Fed in maintaining its inflation goals amid changing global economic conditions.