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MNI: Fed's Bostic Would Like Rates At 4.25%-4.5% By Yearend

(MNI) WASHINGTON

Atlanta Fed chief sees 125bp of hikes by the end of the year as the baseline.

Atlanta Fed President Raphael Bostic said Wednesday he would like interest rates in the 4.25%-4.5% range by yearend and then would like to see how the economy plays out from there, adding that inflation has been stubbornly high.

"Inflation is still high and too high and it is not moving enough speed back down to our 2% target and that's driven really by the continuing imbalance between the demand and supply to meet it," he told reporters on a call after speaking at a banking event. "It's caused me to really adjust my policy thinking. I had originally thought that we would need to really just mildly restrict this policy stance."

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Atlanta Fed President Raphael Bostic said Wednesday he would like interest rates in the 4.25%-4.5% range by yearend and then would like to see how the economy plays out from there, adding that inflation has been stubbornly high.

"Inflation is still high and too high and it is not moving enough speed back down to our 2% target and that's driven really by the continuing imbalance between the demand and supply to meet it," he told reporters on a call after speaking at a banking event. "It's caused me to really adjust my policy thinking. I had originally thought that we would need to really just mildly restrict this policy stance."

Keep reading...Show less