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- Fed's Bostic: I am leaning toward 50 bps in September
Fed's Bostic: I am leaning toward 50 bps in September
Atlanta Fed President Raphael Bostic told CNBC on Friday that he is leaning toward a 50 basis points (bps) rate hike in September, as reported by Reuters.
Additional takeaways
"This is a sign economy is responding to policy."
"Need to bring policy closer to restrictive range."
"We are not there yet, restrictive is 3.5% -3.75% hopeful to get there by year-end."
"We need to get policy to restrictive to bring inflation down - that's most important."
"We need to make sure we don't overreact."
"We have to narrow the demand-supply imbalance and supply side can do some of the work."
"If we see the economy continue to slow, we could stay at 3.5%-3.75%."
"It's premature to think about cutting."
"There's a lot of uncertainty about where economy was, don't think we were that behind the curve."
"Still have data to watch before September meeting."
"The goal is to get to stable more restrictive stance as soon as possible and stay there."
Market reaction
The dollar came under renewed bearish pressure on these comments and the US Dollar Index was last seen losing 0.3% on the day at 108.08.
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