Consumer demand, employment and inflation are all on a good path. But Richmond Federal Reserve President Tom Barkin says one reason for caution is that the U.S. economy transformed in some ways during the pandemic and the effects are still shaking out.

"When it comes to the path of monetary policy," Barkin said in remarks prepared for delivery to the Economic Club of New York, "the economic plane hasn't yet made the so-called soft landing that Central Bank officials are hoping to pull off."

READ MORE: Why Wait on Rate Cuts? Post-Covid Economic Changes Warrant Caution, Barkin Says.