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- Fed's Bostic: Expects six rates hikes this year, another two in 2023
Fed's Bostic: Expects six rates hikes this year, another two in 2023
Atlanta Fed President and FOMC member Raphael Bostic said on Monday that he expects six rate hikes in 2022 followed by a further two in 2023, reported Reuters. Elevated uncertainty has tempered confidence that an extremely aggressive rate path is appropriate, he noted, adding that with the conflict in Ukraine, we need to be extra-observant and prepared to adapt our thinking on policy and the economy.
In 2022, getting inflation back under control is a top priority and the Fed will do "all in its power", Bostic added, commenting that the US labour market is tight. Uncertainty is likely to reduce economic activity, Bostic noted, though caveating that he is yet hearing that from his contacts. The war in Ukraine will intensify uncertainty and push up prices, as well as exacerbate supply chain problems, Bostic noted, saying that the risks to the policy path are in both directions and the Fed will adapt as appropriate.
Bostic commented that it is critical to resolve the significant imbalance between labour supply and demand. Disruption to Russian energy could imperil growth in the EU, he added, noting that the US has the capacity to boost oil and wheat output, but that it would take time.
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