Economy

Fed’s Raphael Bostic doesn’t foresee rate cuts coming until ‘late 2024’

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Atlanta Fed President Raphael Bostic: We are not going to see a recession

Atlanta Federal Reserve President Raphael Bostic on Friday said he doesn’t envision interest rate cuts happening until well into 2024.

Though he cited progress on inflation and a slowing economy, the central bank official told CNBC that there’s still a lot of work to be done before the Fed reaches its inflation goal of 2% annually.

“I would say late 2024,” Bostic replied when asked for a time frame when the first decrease could come.

The Fed has raised its key borrowing rate 11 times since March 2022 for a total of 5.25 percentage points. While Bostic said he doesn’t see policymakers easing anytime soon, he has been explicit in insisting that rates have hit a “sufficiently restrictive”…



Source cnbc.com

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