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Federal Reserve (Fed) Bank of Atlanta President Raphael Bostic said on Friday that he expected just one interest rate cut this year instead of the two rate cuts he had forecast, citing persistent inflation and stronger-than-anticipated economic data.
Key quotes
“Economy has proved more resilient than anticipated so much so that he's doubled his expected GFP growth estimate to 2%.”
“Sees little or no change in the current 3.9% unemployment rate.”
“Says 3.9% unemployment was considered an inflationary level not too long go.”
“Says inflation is falling but more slowly than anticipated, with many items recording outsized price increases.”
"If we have an economy that is growing above potential, and we have an economy where unemployment is at levels that were deemed to be unimaginable without pricing pressures, and if we have an economy where inflation is moderating. Those are good things."
Market reaction
The US Dollar Index (DXY) is trading 0.03% higher on the day at 104.46, as of writing.
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