Nov 12 (Reuters) - With inflation close to the Federal Reserve's 2% target, the labor market resilient, and the U.S. central bank in the process of lowering borrowing costs, policymakers are ready to respond if inflation pressures rise or the job market weakens, Richmond Fed President Thomas Barkin said on Tuesday.

Federal Reserve Bank of Richmond President Thomas Barkin said the economy is in a good place, which has allowed the US central bank to lower borrowing costs.

The Richmond Fed president says that while the outlook for the U.S. economy is murky, the central bank is ready to respond regardless.