Richmond Fed Manufacturing Index Hits 13, Highest Since November 2021, Amid Inflation Warnings

According to Jin10, the U.S. Richmond Federal Reserve manufacturing index reached 13 on May 28, marking its highest level since November 2021. Private-sector employers added an average of 35,750 jobs weekly through May 9, according to ADP data.

Fed officials issued fresh warnings on inflation. Jefferson flagged upside risks from surging energy prices, noting current policy is well-positioned to respond. Cook signaled readiness to raise rates if inflation expectations fail to decline, or to cut if labor markets deteriorate. Goolsbee linked Iran-related energy inflation and rising oil prices to potential central bank tightening across Asia. The ECB noted investors may be underestimating war and inflation risks, with its chief economist cautioning that Iran conflict will have lasting inflationary effects.