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ATLANTA -Atlanta Federal Reserve Bank President Raphael Bostic said on Friday he now expects just a single quarter-point interest rate cut this year instead of the two he had projected, citing persistent inflation and stronger-than-anticipated economic data.
Bostic said the economy has proved more resilient than anticipated, with recent data causing him to roughly double his 2024 U.S. economic growth estimate to 2%. He saw little or no change in the current 3.9% unemployment rate, a level considered inflationary not too long go, he added. The balance of risks has shifted towards waiting longer before easing monetary policy, said Bostic, a voter this year on the U.S. central bank's interest rate policy and its first official to speak publicly since the Federal Open Market Committee meeting ended on Wednesday.
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