Fed not likely to begin cutting rates in July, says Atlanta President Bostic
Raphael Bostic, the Atlanta Federal Reserve President, said Thursday that U.S. central bankers are unlikely to cut interest rates in July, citing slowed progress on inflation.
In their May meeting, officials voted to hold interest rates steady at 5.25% to 5.5%, the highest level since 2001. While they left the possibility of rate cuts later this year open, policymakers emphasized the need for"greater confidence" that inflation is decreasing before easing policy. Bostic said that he does not foresee raising rates again this year unless there is evidence of increasing price pressures in the economy.
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