Federal Reserve Bank of Atlanta President Raphael Bostic says his colleagues 'don't know how much' job loss or economic impact could result from a hot inflation pace.
Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, says Fed Chair Powell is preparing Americans for some"job loss" as they continue to fight inflation on"Varney & Co." Friday, August 26, 2022.
Even with four consecutive interest rate hikes, including two back-to-back 75 basis point increases, Powell stressed that the Fed is not in a place to "stop or pause" – an unwelcome sign for investors who were predicting a rate cut next year. Bostic admitted he "could go either way" between recommending a 50 or 75 basis point hike in next month’s meeting.
"Part of this is really about, how much momentum do we see in the economy, and that will determine how much of a move we should be making," Bostic said. "I think we should try to get to that terminal rate as quickly as possible." August’s jobs report and CPI data, which will be released just days before the Fed’s September meeting, should provide a better picture of how the"We have another inflation report that'll tell us how much the economy is slowing down and give us a sense about how much work we're going to have to do with our policy to get inflation back down to 2%," Bostic explained.
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