Fed's Barr (voter) says he has particular concern for long-run inflation expectations, adds the longer inflation remains above 2%, the greater the risk that it becomes entrenched

Says: 

• In a good place to hold rates and assess incoming data.
• The economy has remained resilient through a series of shocks, but these have complicated the Fed reaching its 2% inflation goal.
• It makes sense for the Fed to take time to assess economic developments before further policy changes.
• Extended war could have broad impact on prices and the economy.
• If the Middle East conflict ends soon, the economic impact could be limited, but broader implications remain if it persists.