Fed’s Bostic Says He Favors Patience in Cutting Rates Further
- Atlanta Fed chief is resolved to bring inflation to 2% target
- Says his outlook has never anticipated a recession for the US
Federal Reserve Bank of Atlanta President Raphael Bostic
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Federal Reserve Bank of Atlanta President Raphael Bostic said he’s not in a hurry to lower interest rates to the so-called neutral level, emphasizing that policymakers are committed to achieving their 2% inflation target.
The Atlanta Fed chief reiterated the central bank’s benchmark rate is still “a ways” above the level at which it neither boosts nor slows the economy, which he estimates to be between 3% and 3.5%. Bostic also said he expects inflation will fall to the Fed’s target by the end of next year.