Atlanta Federal Reserve president Raphael Bostic said on Monday that, in his opinion, it is going to take a while before the policymakers are certain inflation is headed to 2%.
The official noted that data on inflation this yaer has been very bumpy and they've still got a ways to go.
Bostic, however, added that his outlook is that inflation will continue to fall this year and into next year.
Also, he said that the Fed is open to all possibilities on the economic path but admitted that risks are really balanced right now.
In Bostic's view, the Fed's policy stance is restrictive. The official revealed that business leaders tell him that things are slowing down, but very gradually. "It will take a while for that momentum to play through in the economy," he added.
Bostic also suggested that the Fed's new steady state is likely to be higher than what people have known over the last decade.