Central Banks
Fed’s Bostic Says He Now Might Favor More Than One 2024 Cut
- Size of the first rate cut will depend on data, he says
- Inflation has fallen faster than Atlanta Fed leader expected
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Federal Reserve Bank of Atlanta President Raphael Bostic said it’s possible that more than one interest-rate cut may now be needed by year-end, shifting his view in the wake of data showing falling inflation and a slowing labor market.
“It may be appropriate to pull forward our first rate move,” Bostic said in a CNBC interview from Jackson Hole, Wyoming, where the Kansas City Fed is hosting the central bank’s annual symposium. Asked if he favors more than one cut this year, he said, “It is in play.”