Atlanta Federal Reserve president Raphael Bostic said on Wednesday that he is still expecting one rate cut this year and that rate cut should take place in the fourth quarter.
The official noted that the U.S. economy is maintaining its strong momentum and he is not hearing that demand is getting faster or slower but just staying consistent. Meanwhile, inflation has become more bumpy, the boss of the Atlanta Federal Reserve added.
Bostic also revealed that he thinks inflation will come down slower than many expect, which is why he tried to pull back expectations on interest rate cuts. In the policymaker's opinion, inflation will reach 2% target in 2026.