By Ann Saphir

(Reuters) – How fast and far the U.S. Federal Reserve will raise interest rates once it begins doing so in March will depend on what happens with the economy and, more specifically, with inflation, Richmond Fed President Thomas Barkin said on Monday.

“I’d like the Fed to get better positioned, and I think we’ve got a good part of the year to get there,” Barkin told CNBC in an interview. “I think how fast we get there just depends on how the economy develops. … I am just going to be looking to see how inflation develops through the year.”

(Reporting by Ann Saphir; editing by Jonathan Oatis)