Fed's Bostic: will likely support more rate hikes this year
|Atlanta Fed President Raphael Bostic, during a scheduled speech about the economic outlook at the Knoxville Economics Forum, said:
• Further gradual rate hikes over next couple of years 'appropriate'
• This week's interest-rate hike made sense; need to move rates toward 'neutral'
• If economy develops as he expects, will likely support more rate hikes this year
• Prudent to raise rates less aggressively than otherwise to gauge effect of balance sheet reduction
• Lab markets 'not yet overheated', sees upside risks to labor costs
• Inflation calm to persist but risks are to the upside
• Sees potential for inflation to run somewhat above Fed's 2% target
• Confident US 'at or near' Fed's inflation goal
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