US: Fed's Bostic sees no rate cuts in 2023

The Atlanta Federal Reserve President expects an increase would be more likely at this point

By Agencies

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Raphael Bostic. — Reuters file
Raphael Bostic. — Reuters file

Published: Tue 16 May 2023, 12:29 AM

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.”

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