Federal Reserve Bank of Richmond President Thomas Barkin said Thursday the central bank has time to decide what’s next for monetary policy while it waits for further assurance that inflation is indeed falling back to target.

“I think it is smart for us to take our time,” Barkin said in a speech delivered to a gathering held by the Economic Club of New York. “No one wants inflation to reemerge,” the official said, “and given robust demand and a historically strong labor market, we have time to build that confidence before we begin the process of toggling rates down.”

READ MORE: Fed's Barkin: Need more time before supporting rate cuts