Federal Reserve Bank of Atlanta President Raphael Bostic said policymakers need to be cautious not to overtighten monetary policy and risk unnecessary harm to the US labor market.
“Based on current dynamics in the macroeconomy, I feel policy is appropriately restrictive,” Bostic said remarks prepared for delivery at the South African Reserve Bank’s Biennial Research Conference. “I think we should be cautious and patient and let the restrictive policy continue to influence the economy, lest we risk tightening too much and inflicting unnecessary economic pain.”
Officials raised their benchmark rate last month to a range of 5.25% to 5.5%, a 22-year high, after skipping a hike at their June meeting. Their most recent projections had one more rate increase penciled in this year. “We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective,” he said.“Should conditions not play out the way I anticipate, and inflation or inflation expectations abruptly reverse course and start climbing, then I would certainly support doing what would be necessary to put the US economy back on a path toward price stability,” he said.
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