- Wage growth pulling back to level more conducive to price stability
- Business contacts point to a loosening but still broadly stably labor market
- Labor market conditions to weaken, but not weak
- Am now giving equal attention to maximum employment objective as inflation
- Fed must stay vigilant to ensure inflation risks continue to wane
- Am not quite prepared to declare victory over inflation as risks remain
- Price pressures are diminishing quickly and broadly
- No panic among my business contacts but describe an economy and labor market losing momentum
- Most recent inflation reports bolster my confidence inflation likely on sustainable path to 2%
- Soft landing for economy may be within reach
- Fed is in a generally favorable position
- We must not maintain a restrictive policy stance for too long
Bostic has been hawkish but there is a dovish shift here, though I don't see any sign of a rush to cut by 50 bps.