Inflation pressures continued to moderate in January, which may give the Federal Reserve reason to lower interest rates again later this year. The personal consumption expenditures, or PCE, price index,

Barkin said he understands that the fight against inflation has been long, but that “it is critical that we remain steadfast.”

The Federal Reserve could restart cuts to short-term borrowing rates in June and follow up with another reduction in September, traders bet on Friday, after data showed inflation edged down in January in line with expectations.