The president of the Federal Reserve Bank of Atlanta, Raphael Bostic, said on Monday that it will take some time for the United States central bank to be certain that inflation is on the path back to the central bank’s 2% target.
“The question now is when will we be certain that inflation is clearly on a path back to 2%. I think it will still take a little while for us to be certain of that,” Bostic said in an interview with Bloomberg Television.
Bostic added that inflation data this year has been “very choppy,” and he warned that the Fed’s benchmark interest rate, when a cutting cycle is initiated, will likely end up at a higher rate than people are accustomed to over the past decade.