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FED: Bostic Echoes Powell’s Press Conference Tone

FED
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Bostic’s (’24 voter) prepared remarks appear very much in keeping with the tone from Powell’s press conference, somewhat of note for someone who had been on the more hawkish end of the FOMC spectrum.

  • “Bostic emphasizes that the reduction in the federal funds rate does not lock in a cadence for further moves.”
  • Optionality around rate moves ahead: "Policy remains in the restrictive range, so if my optimism about inflation is unsatisfied, then the Committee can slow or even halt the pace of further reductions. Should labor markets prove substantially less healthy than they appear at the moment, the 0.5 percentage point reduction puts us in a better position to adjust than a more modest cut would have,"
  • "Any further evidence of material weakening in the labor market over the next month or so will definitely change my view on how aggressive policy adjustment needs to be."
     
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Bostic’s (’24 voter) prepared remarks appear very much in keeping with the tone from Powell’s press conference, somewhat of note for someone who had been on the more hawkish end of the FOMC spectrum.

  • “Bostic emphasizes that the reduction in the federal funds rate does not lock in a cadence for further moves.”
  • Optionality around rate moves ahead: "Policy remains in the restrictive range, so if my optimism about inflation is unsatisfied, then the Committee can slow or even halt the pace of further reductions. Should labor markets prove substantially less healthy than they appear at the moment, the 0.5 percentage point reduction puts us in a better position to adjust than a more modest cut would have,"
  • "Any further evidence of material weakening in the labor market over the next month or so will definitely change my view on how aggressive policy adjustment needs to be."