Economy

Fed’s Bostic says there’s no reason to change policy despite inflation fears

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Atlanta Federal Reserve President Raphael Bostic told CNBC on Monday that he’s comfortable with the central bank’s ultra-loose policy even as inflation gains steam in the U.S. economy.

“We are still 8 million jobs short of where we were pre-pandemic,” Bostic told CNBC’s Steve Liesman during a “Squawk Box” interview. “Until we make substantial progress to close that gap, I think we’ve got to have our policies in a very strongly accommodative situation or stance.”

Currently, the Fed is keeping short-term benchmark borrowing rates anchored near zero and is buying at least $120 billion of bonds each month.

That has come even as the Consumer Price Index lurched up 4.2% in April, well above Wall…



Source cnbc.com

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