The Federal Reserve's patient approach to monetary policy does not mean the...
SAN FRANCISCO - The Federal Reserve’s patient approach to monetary policy does not mean the U.S. central bank will not increase interest rates, or cut them, should the need arise, the president of the Atlanta Federal Reserve Bank, Raphael Bostic, said on Friday.
The comments were Bostic’s first since the Fed made an unexpectedly dovish shift on Wednesday. Eleven of its 17 policymakers forecast no rate hikes this year, and Fed Chairman Jerome Powell cited low inflation, a slowing global economy and risks like U.S. trade tensions with China for the need to remain patient “for some time.”
“I am open to all possibilities as we aim to support sustained economic expansion, strong labour market conditions, and inflation near the Committee’s symmetric 2 percent objective,” Bostic said, referring to the policy-setting Federal Open Market Committee. “Markets should understand that, so I hope I have made my position clear.”
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