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Inflation can rise above target for "quite a while" after a long time below the Fed's goal, Atlanta Fed President says.
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Atlanta Fed President Raphael Bostic said Friday the economy is a long way from full employment and he's willing to let inflation move above 2% for quite a while to meet the central bank's dual mandate.
"I'll be comfortable letting the economy run hot and actually letting inflation get above 2% for some time," he said during a webinar. Inflation has been below target for a long time so it can run above target "for quite a while" as long as it's not "spiraling away," he said.
He pointed to high long-run unemployment as another reason for patience and said policy makers are "ready and able" to support the rebound for as long as needed.