Fed's Bostic still expects 1 rate cut in 2024 but doesn’t rule out 0 or 2
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Atlanta Fed president Raphael Bostic still expects one rate cut in 2024, but is not ruling out the possibility of two or zero depending on the direction of the US economy and inflation. Bostic, a voting member of the Fed's interest-rate setting committee, said that if the economy continues to accelerate, he can’t rule out the possibility that rate cuts may even have to move further out. However, if inflation starts to decline or if there is 'pain' in the job market, he could pull forward his inflation and policy outlook and vote for cutting rates sooner. Other Fed officials have expressed differing views on rate cuts, with some pouring cold water on near-term hopes for an easing of monetary policy, while others have stuck with a prediction for three cuts in 2024. Bostic's comments come ahead of a key reading on the consumer price index for March, with economists expecting 'core' CPI to come in at 3.7% for the month.
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