Richmond Federal Reserve President Barkin explained that the Fed's decision last week to raise interest rates was due to several developments since the summer that made a "wait-and-see" stance on inflation difficult to reconcile with Chairman Warsh's vow to bring inflation back to target. He stated: "If inflation isn't going to come down relatively quickly, then you have to reflect, '...maybe we should do something about that.' That's what happened over the summer, with factors like gasoline prices, Canadian tariffs, and the AI construction boom pushing up inflation costs for some time, so the Fed had to act."