Raphael Bostic, the president of the Federal Reserve Bank of Atlanta, said Monday he does not expect any interest-rate cuts this year because inflation is likely to be stickier than those in markets believe, and if anything 'we may have to go up'.
Atlanta Federal Reserve President Raphael Bostic speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. REUTERS/Clodagh Kilcoyne/
"The appropriate policy is really just to wait and see how much the economy slows from the policy actions that we've had," Bostic told CNBC, noting that for months he has believed the Fed would need to get short-term interest rates to the 5%-5.25% range where they are currently. "I think in the next several months the math is going to work in our favor, and the economy is going to work in our favor," Bostic told CNBC.
After the Fed's most recent interest-rate hike in early May, Fed Chair Jerome Powell signaled the central bank may pause to assess how its rapid rate hikes so far are affecting the economy.
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