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Bostic ('24 voter): Have Come A Long Way On Inflation But Still A Ways To Go

FED
Paraphrasing Atlanta Fed's Bostic ('24 voter) remarks in a fireside chat on the economy.
  • We’ve made good progress on the return towards 2% inflation. PCE and CPI are both in the 3% range but our target is 2%. Pre-pandemic we were 1.6% and there was a lot of consternation that we weren’t at 2% - today we’re at 3.5%, if we had consternation before we should have a whole lot more now. Even though we’ve come a long way, there are still a ways to go.
  • I’ve been paying a lot of attention to what’s been happening to three- and six-month inflation as those are ultimately going to contribute to future rates. They’ve mostly been below Y/Y metrics which is quite positive.
  • Wages have been a trailing indicator over this episode, trailing to get workers happy. That catch-up should continue. Getting back to the steady state of wage growth being 1-1.5pps above inflation would be useful. Want to see wage growth fall but not so much that there isn't real wage growth, it's something I'm going to be looking for. (Talks to Atlanta Fed wage tracker)
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