MNI BRIEF: Fed's Bostic - Rate Cut Likely At End of Year

Atlanta Fed President Raphael Bostic said Thursday he’s comfortable keeping interest rates steady, reiterating it will not be appropriate to lower borrowing costs until toward the end of the year.

"I don't think it will be appropriate to drop rates soon because if we drop rates there is a possibility that there's excess energy in the economy that puts upward pressure on prices and moves us even further from our target," he said at a University of Miami event. "I am willing to be patient. I am not in a hurry to get inflation to 2% as long as its moving there, while we are seeing job growth and output growth."

"I see one cut for this year -- that's in my outlook -- and it will be toward the end of the year," Bostic said. (See: MNI INTERVIEW: Fed Only Likely To Cut Once This Year- Giannoni)