Fed's Bostic: Fully supportive of 75 bps hike in July
In an interview with CNBC on Friday, Atlanta Fed President Raphael Bostic said that he is "fully supportive" of one more 75 basis points rate hike in July, as reported by Reuters.
Additional takeaways
"This jobs report shows economy is strong."
"Still a lot of labor market momentum."
"Economy is starting to slow."
"We will get inflation under control."
"These job numbers show just minor signs of slowing."
"We need to see more sustained, more significant slowing."
"Starting to inch in right direction, but need to see a lot more."
"I've had to adapt on where I think policy should go, we need to move aggressively."
"Tremendous momentum in economy shows 75 bps move in economy won't mean protracted damage to economy."
"Will take wait and see attitude, will observe and adapt."
"This may be the labor market catching up to output, but doesn't necessarily represent recessionary issue."
Market reaction
The dollar preserves its strength after these comments with the US Dollar Index holding in positive territory above 107.00.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
