Khaleej Times, Tuesday, May 16, 2023 | Shawwal 26, 1444
US: Fed's Bostic sees no rate cuts in 2023
By Agencies
Atlanta Federal Reserve President Raphael Bostic said on Monday that he
doesn’t foresee rate cuts at least through 2023, even if there’s a recession.
“For me, inflation is job No 1. We’ve got to get back to our target,”
CNBC quoted him as saying in an interview.
“If there’s going to be some cost to that, we’ve got to be willing to do
that,” he said on the sidelines of Atlanta Fed’s Financial Markets Conference.
His comments came as the Fed has raised rates 10 times since March 2022
in an effort to bring down inflation that a year ago was running at its highest
levels since the early 1980s.
CNBC quoted Bostic as saying he doesn’t see cuts coming anytime soon and
in fact expects an increase would be more likely at this point.
“There’s still a lot of confidence that our policies are going to be able
to get inflation back down to our 2% target,” Bostic said. “And to be fully
clear, we’re going to do all that we need to make sure that that happens.”