Atlanta Fed President Raphael Bostic says it may be 'bumpy road' down to 2% inflation
The Federal Reserve Bank in Atlanta says it made significant progress on its path to lower inflation.
The most recent consumer price index showed inflation holding steady at 3.7% percent for September.
In an interview with WABE’s “All Things Considered,” however, Atlanta Fed President Raphael Bostic says there’s still more work to be done.
“I am pleased with how things have proceeded over the last several months,” said Bostic.
“I’m hopeful that it will stay that way, but I have to be ready in the event that it doesn’t to make sure that we’re ready to do the things that we need to do to make sure that inflation gets back down to our 2% target.”
Bostic says he doesn’t expect more rate hikes in the near future and believes the policy rate must remain at its current level well into 2024.
Christopher Alston contributed to this report.
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