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FED Member Bostic Made a Previously Unannounced Surprise Speech: Will There Be a Rate Hike in September?

Atlanta Fed chairman Raphael Bostic shared clues about rate hikes in a surprise statement he made today.

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Fed member Raphael Bostic said in an unexpected speech today that he thinks there will be no need for a rate hike in September as he thinks inflation has eased and unemployment has risen moderately.

Atlanta Fed Chairman Bostic said his basic outlook is for no rate cuts until the second half of 2024 at the earliest, and he will be determined not to change his policy direction until he is confident that inflation will reach 2%.

He said that there has been a significant decrease in the inflation breadth, that is, there has been a price increase in fewer items, and that the latest data is promising. He also said that he expects unemployment to rise as inflation falls, but perhaps only to rise above 3% or 4%.

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However, he also said that inflation was unacceptably high and that he could easily consider a rate hike if the improvement in inflation stopped unexpectedly. He stated that the FED should be cautious, patient and determined and there is a risk of over tightening.

*Not investment advice.



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