Fed's Barkin says pricing power is uneven in economy

Federal Reserve Bank of Richmond President Thomas Barkin said on Friday that pricing power depends on the sector dealing with increased input costs.

Barkin, speaking in a video presentation held by the National Association for Business Economics, said firms in the business-to-business sector have pricing power, while firms selling to consumers do not.

Barkin also reaffirmed that the Fed will get inflation back to 2% but he did not say how or when that will happen.