WASHINGTON (Reuters) - The U.S. Federal Reserve is still leaning towards further rate cuts this year although uncertainty about the impact of new tariff, immigration, regulatory and other Trump administration initiatives will need to be better understood, Richmond Fed president Tom Barkin said Wednesday.

Along with tariffs, there is "deregulation - where is it going to hit - immigration, energy policy, geopolitics, there is just a lot of uncertainty in the air," Barkin said on Bloomberg Television.

But with inflation expected to drop further this year and the economy continuing to grow, "I start with a baseline that is pretty favorable" to further cuts, Barkin said. "That is certainly the lean."