MNI BRIEF: Fed's Bostic - Economy Moving Ever Closer to Target
MNI (-) - U.S. inflation is falling toward 2% and the labor market remains strong, meaning the Federal Reserve is "ever closer" to achieving its dual mandate goals, Atlanta Fed President Raphael Bostic said Tuesday.
"The unemployment rate is not spiraling out of control. The last jobs report showed it starting to fall again," he said. "We're seeing an economy that's close to our targets and moving ever closer as we move forward."
After climbing roughly 1 percentage point over the past year, unemployment could continue to tick higher based on historical experiences, he said. "To the extent that that were to happen, that would be a considerable concern."
"My goal of course is to get, first and foremost, our inflation back to 2% but I want to try to accomplish that with as little damage in the employment side as possible," he added. (See: MNI: Job Boom Means Slower Fed Cuts, Pause Possible - Ex-Staff)