Fed: US economy slowing down for good — Raphael Bostic

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Atlanta Federal Reserve President Raphael Bostic declared on Friday that the evolution of the economy will determine what the Federal Reserve has to do, as reported by Reuters.

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“The US economy is definitely slowing down.”

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“Housing and other sectors with interest rates have slowed significantly, business leaders see labor markets easing.”

“It’s still not easy to find workers, but it’s getting easier.”

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“The slowdown so far is at a steady and gradual pace, so the demand-supply imbalance is not changing rapidly, the process will take some time.”

“The US has a lot of momentum to absorb Fed policy and avoid significant contraction.”

“Inflation is too high and the Fed is going to do everything they can to bring it down.”

“The US may have reached a peak of inflation, signs that things are moving in a positive direction.”

“Pressure on the labor market is expected to ease, with unemployment around 4% by the end of the year, without major job destruction.”

“There is still work to be done on the policy rate.”

“We need a target rate above 5%, but not much above it.”

Expect the Fed to stay at a top policy rate for an extended period, well into 2024.”

“The public seems to accept that the Fed will get where it needs to go.”

Market Reaction

The US dollar continues to weaken against its rivals on the back of these comments, and the dollar index lost 0.9% on the day to 104.20.

Source: Fx Street

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