Summary
- Raphael Bostic, president of the Atlanta Fed, said inflation remains one of the most important challenges for the U.S. economy.
- Bostic said current inflation is at a 'significantly' high level, well above the Fed’s 2% target, underscoring that controlling prices is very important.
- The remarks suggest the Fed needs to remain cautious on interest-rate cuts, and that comments from Fed officials are acting as a key variable in gauging the path of monetary policy.
Raphael Bostic, president of the Federal Reserve Bank of Atlanta, stressed that inflation remains one of the most important challenges facing the U.S. economy.
According to Walter Bloomberg, an economic news alert account, on the 9th (local time), Bostic said, "The inflation issue remains one of the economy’s key challenges," adding that "it is very important to control prices."
He made clear that the current level of inflation remains well above the Fed’s 2% target. Bostic noted that "inflation is at a level 'significantly' above the target."
The remarks are interpreted as signaling the need for the Fed to maintain a cautious stance on interest-rate cuts. With market expectations and outlooks diverging over the timing of rate cuts, comments from Fed officials are serving as a key variable in gauging the path of monetary policy.
Bostic has repeatedly said that the tightening stance should not be eased prematurely until price stability is firmly confirmed.
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