The timing and pace of interest rate increases will depend on what happens with inflation and Federal Reserve officials may need to move more “aggressively” if inflation remains elevated, Richmond Fed Bank President Thomas Barkin said Thursday. “The closer that inflation comes back to target levels, the easier it will be to normalize rates at a measured pace,” Barkin said in remarks prepared for a virtual event organized by the Virginia Bankers Association and Virginia Chamber of Commerce. “But were inflation to remain elevated and broad-based, we would need to take on normalization more aggressively, as we have successfully done in the past.”