Federal Reserve Bank of Richmond President Tom Barkin warned that inflation remains too high, even as he sees tentative signs that price pressure could moderate. Speaking in an interview on the sidelines of the Aspen Ideas Festival, Barkin said the Fed’s preferred measure—the personal consumption expenditures index—rose 4.1% year over year through May. Barkin argued confidence in reaching the Fed’s 2% goal requires continued evidence that disinflation can happen without further influence from the federal funds rate and labor market dynamics. He pointed to declining gasoline prices in his district after the US and Iran ceasefire, while noting other inflation drivers may be broader. He specifically flagged AI infrastructure build-out as a potential contributor to inflationary pressure, and he questioned whether earlier rate cuts loosened financial conditions enough to warrant reconsideration. For higher education institutions and planning teams, the policy implication is straightforward: borrowing-rate uncertainty and higher-for-longer expectations can affect bond financing, endowment risk planning, and tuition/aid strategy timing as budgets tighten.