Richmond Fed president Tom Barkin said Tuesday that he wants to keep interest rates "modestly restrictive" until he gains more confidence inflation is returning to the central bank’s 2% goal, warning about lessons learned from the 1970s.

Richmond Federal Reserve President Tom Barkin said on Tuesday he will follow a wait-and-see approach regarding central bank interest rate policy until it is clear inflation is returning to the Fed's 2% target.

"Uncertainty argues for caution as we look to wrap up the inflation fight," Richmond Fed President Tom Barkin said during a speech to the Rotary Club of Richmond on Tuesday. "If headwinds persist, we may well need to use policy to lean against that wind.