Richmond Federal Reserve (Fed) President Thomas Barkin reflected on recent economic developments during a speech in South Carolina on Monday. A member of the Fed's Federal Open Market Committee (FOMC), Barkin is one of the Fed's key voting voices on policy rates.

Key highlights:

Inflation data this year is disappointing; the job on inflation is not yet done.

Remains confident that the current restrictive level of rates will curb demand enough to cool inflation.

Businesses are still looking to raise prices, key risk remains shelter and services inflation keeping headline index above target.

Given the strong labor market, Fed still has time to gain confidence that inflation will fall.

Data "whiplash" confirms the value of the Fed being deliberate.

Barkin doesn't see the economy overheating, but the Fed knows how to respond if it does.