Fed’s Bostic: H1 growth stronger than expected
|While speaking at an economics conference organized by the Federal Reserve Bank of Atlanta, the bank's president, Raphael Bostic, has been crossing the wires today, with recent additional comments as follows:
- H1 growth was stronger than expected, with financial year seeing as much as 2.5%.
- Economic 'storm clouds' are not actually generating a storm yet.
- Federal Reserve's job is to meet its congressional mandate, not respond to particular markets.
Earlier, Bostic said he is in a good position right now on both jobs and inflation and argued recent low readings on inflation are "noisy," while other data suggest that the Fed is "close to" its 2% target and not slipping away from it, per Reuters.
"I'm also sceptical inflation expectations are weak," Bostic added.
Meanwhile, the Dollar has been up to test the earlier July support around 97.16 and continues to find traction throughout the session, so far, trading +0.06% higher.
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