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Raphael Bostic is president and chief executive officer of t...
Raphael Bostic is president and chief executive officer of the Federal Reserve Bank of Atlanta, he spoke late on Friday. During Asia time I noted here how late he was speaking and expressed a hope he wouldn't be saying too much of importance .... well, he sure did!
He is now expecting one 25bp cut in 2024, down from the two he was expecting, and he expects that single cut later in the year. He says he is "definitely less confident" than he was in December that inflation will continue to fall towards the Bank's 2% target
He is now expecting one 25bp cut in 2024, down from the two he was expecting, and he expects that single cut later in the year. He says he is "definitely less confident" than he was in December that inflation will continue to fall towards the Bank's 2% target
Bostic's reasoning:
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economy has proved more resilient than anticipated so much so that he's doubled his expected GFP growth estimate to 2%
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sees little or no change in the current 3.9% unemployment rate
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says 3.9% unemployment was considered an inflationary level not too long go
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says inflation is falling but more slowly than anticipated, with many items recording outsized price increases $ProShares UltraPro Short QQQ ETF (SQQQ.US)$ $Invesco QQQ Trust (QQQ.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Dow Jones Industrial Average (.DJI.US)$
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