Forex News

19:24:04 18-04-2024

Feds Bostic: Rate cuts are likely by year end

Speaking at the Greater Fort Lauderdale Alliance in Florida on Thursday, Atlanta Federal Reserve Bank President Raphael Bostic noted that U.S. inflation is anticipated to return to 2% at a slower pace than many had anticipated.

Key Quotes

Inflation is too high

We still have a ways to go on inflation

Pathway to 2% inflation will be slower than people expect, and bumpy

Inflation is going where we want it to go, but it's slow

I'm comfortable being patient

I'm not in a mad dash hurry to get there

If we can keep jobs, wages going and inflation is moving to target, we can stay where we are on rates

I don't have a recession in my outlook

We don't be able to reduce rates until towards end of the year

I think the economy will continue to grow as we get both mandates back in line

Market Reaction

The US Dollar Index (DXY) keeps the bullish bias intact above the 106.00 hurdle so far on Thursday.

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