Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, arrives for a television interview at the Jackson Hole economic symposium in Moran, Wyoming, on Friday, Aug. 26, 2022.
David Paul Morris | Bloomberg | Getty Images
Atlanta Federal Reserve bank President Raphael Bostic said on Friday he now expects just a single quarter-point interest rate cut this year versus two cuts that he had projected previously, a change in his outlook driven by persistent inflation and stronger-than-anticipated economic data.
“I’m definitely less confident than I was in December” that inflation will continue to fall towards the Fed’s 2% target, Bostic said in comments to reporters.
This caused him to scale back his outlook for rate cuts and push back the likely start date to later in the year, he added.
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