Raphael Bostic, President of the Federal Reserve Bank of Atlanta, said on Thursday that the Fed is open to the possibility that maximum employment might be fewer jobs than before.
"Understanding what maximum employment is in the current environment will take some time."
"My interest rate path is to go slow and steady, get to neutral rate in late 2024, early 2025."
"I am hopeful that as fed moves policy, some tensions in the economy will dissipate."
"If that doesn't happen, the Fed will have to take more strident steps."
"Fed will try to try to stay focused as much as possible on both sides of the dual mandate."
"It would be appropriate to try and get fed balance sheet smaller."
"I haven't given detailed thought yet on exactly how to shrink balance sheet, but discussing that over next several months."