Federal Reserve Bank of Atlanta President Raphael Bostic on Tuesday reaffirmed his view that the Fed's benchmark interest rate is high enough to get inflation under control without dragging the economy into recession.

"Our policy rate is sufficiently restrictive position to get inflation down to 2%. We have clearly moved into a restrictive place, the economy is clearly slowing down, and a lot of our policy impact has yet to come," he told the American Bankers Association's annual convention.

In his quarterly forecasts last month, "I have the economy slowing down, but not moving into a recessionary mode because there's a lot of momentum that was present. And I think that is going to be able to stop a lot of the slowdown." The outbreak of war in the Middle East adds to the list of unanticipated events of recent years and underscores that officials need to be nimble and ready to adapt, he said.

(See: MNI INTERVIEW: Fed Done Hiking, Will Cut As Soon As Q1-Tilley)