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