Raphael Bostic, the president of the Federal Reserve Bank of Atlanta, said he does not expect any interest-rate cuts this year because he does not see inflation going down as fast as market participants believe, and if anything “we may have to go up”.
There is still a long way to go to bring inflation down to the Fed’s 2% goal, Bostic told CNBC, though there has been progress.
“If there is going to be a bias to action, for me there would be a bias to increase a little further, as opposed to cut,” Bostic said.
(This story has been corrected to show it is the Atlanta Fed in paragragh 1)
(Reporting by Ann Saphir, editing by Ed Osmond)
