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    Fed's Bostic now anticipates just one rate cut this year

    FXStreet
    Updated Mar 25, 2024 02:05
    Mitrade

    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.

    * The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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