Federal Reserve Bank of Atlanta President Raphel Bostic speaking
- Says inflation fight "still in early days"
- Repeats wants rates at a "moderately restrictive" level from 4 to 4.5%, then hold to assess impact
- Fed should not be quick to cut rates if economy weakens, but stay "purposeful and resolute" in seeing inflation lowered
- August inflation report shows price pressures still "broad and stubborn"
- Still upward momentum in rents, medical and other services, supply chains not fully repaired
- Low unemployment rate means the Fed has "maneuvering room" to continue tightening policy without "undue damage" to job market
This:
- "If economic conditions weaken appreciably—for example, if unemployment rises uncomfortably—it will be important to resist the temptation to react by reversing our policy course prematurely"
No sign of a pivot anytime soon in these comments from head of the Atlanta Federal Reserve branch.
Atlanta Fed Pres. Bostic