Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank can accommodate an overshoot of its inflation target and he isn’t worried by the impact of oil prices rising past $70 a barrel.
The Fed’s preferred measure of inflation hit 2 percent in March and that is “a good thing for us,’’ Bostic told reporters Monday at the bank’s financial markets conference on Amelia Island, Florida. “We’re fluctuating around the 2 percent target. I am comfortable with that. To the extent we have seen some upward pressure, we don’t have the ability to stop trends on a dime. Some overshoot is fine.’’