Fed’s Bostic Says Policy Is Taking Longer to Slow Growth
- Need higher for longer rates in order to control inflation
- Atlanta Fed chief said wouldn’t raise rates again after cuts
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Federal Reserve Bank of Atlanta President Raphael Bostic said monetary policy has been less effective in slowing growth than in previous cycles, reinforcing the need to keep rates higher for longer to curb inflation.
Speaking in a virtual discussion with students from the Stanford Graduate School of Business on Thursday, Bostic indicated he was pleased that inflation has resumed falling after making little headway in the January-to-March quarter, but noted progress is still slow.