Atlanta’s Federal Reserve president discusses economy, reducing interest rates

February 9th, 2024

On Friday’s edition of “Closer Look,” Raphael Bostic, the president and CEO of the Federal Reserve Bank of Atlanta, discussed several topics, including inflation, interest rates and the current state of the U.S. economy. ( Photo credit: Federal Reserve Bank of Atlanta)

The Federal Reserve has walked a tightrope since the start of the pandemic. State economies, businesses and workers dealt with severe unemployment and inflation.

To cool things down, the Fed took the risk of raising interest rates nearly a dozen times. While employment is now at an almost 50-year high and the United States has avoided a recession, Fed Chair Jerome Powell says the economy is still not where it needs to be.

However, Raphael Bostic, the president and CEO of the Federal Reserve Bank of Atlanta, says the economy was strong before the pandemic, and it’s working its way back.

On Friday’s edition of “Closer Look,” Bostic talked with host Rose Scott about inflation, interest rates, plus how the southeastern U.S. is bolstering the economy and what’s dragging the region financially. During the discussion, he also explained his economic outlook for 2024 and how the economy’s performance in 2023 exceeded his expectations.