The central bank official told CNBC that there’s still a lot of work to be done before the Fed reaches its inflation goal of 2% annually.
Atlanta Federal Reserve President Raphael Bostic on Friday said he doesn't envision interest rate cuts happening until well into 2024.
Atlanta Federal Reserve President Raphael Bostic on Friday said he doesn't envision interest rate cuts happening until well into 2024. "I would say late 2024," Bostic replied when asked for a time frame when the first decrease could come.The Fed has raised its key borrowing rate 11 times since March 2022 for a total of 5.25 percentage points. While Bostic said he doesn't see policymakers easing anytime soon, he has been explicit in insisting that rates have hit a"sufficiently restrictive" level where they don't need to be raised anymore.
He said he does not expect"that we will be cutting rates before the middle of next year, at the earliest."
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Fed's Bostic says he doesn't see first rate cut until late next yearGreg Robb is a senior reporter for MarketWatch in Washington. Follow him on Twitter grobb2000.
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