Fed’s Bostic: Rate cuts are likely by year end
Speaking at the Greater Fort Lauderdale Alliance in Florida on Thursday, Atlanta Federal Reserve Bank President Raphael Bostic noted that U.S. inflation is anticipated to return to 2% at a slower pace than many had anticipated.
Key Quotes
Inflation is too high
We still have a ways to go on inflation
Pathway to 2% inflation will be slower than people expect, and bumpy
Inflation is going where we want it to go, but it's slow
I'm comfortable being patient
I'm not in a mad dash hurry to get there
If we can keep jobs, wages going and inflation is moving to target, we can stay where we are on rates
I don't have a recession in my outlook
We don't be able to reduce rates until towards end of the year
I think the economy will continue to grow as we get both mandates back in line
Market Reaction
The US Dollar Index (DXY) keeps the bullish bias intact above the 106.00 hurdle so far on Thursday.
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