PANews, July 3 - According to Jin Shi's report, Federal Reserve's Bostic stated on Thursday that high inflation in the United States may persist for some time, which could seep into consumer psychology. Businesses may need a year or longer to adapt to changes in trade and other policies that are occurring. This implies a reason to maintain patience before any interest rate cuts. He said, "The main conclusion is that the adjustment of prices and the broader economy to U.S. trade and other upcoming policies, as well as geopolitical developments, will not be a short-lived and simple one-time price change as standard textbook models suggest." "On the contrary, this increasingly looks like a process that may take a year or longer to fully resolve." "If I am correct, then the U.S. economy may experience prolonged high inflation." Bostic stated, "I expect prices will not skyrocket but will rise steadily," which may seep into consumer inflation expectations, posing greater challenges for the Federal Reserve. He also mentioned that the non-farm payroll data released on Thursday showed job gains exceeding expectations, and the unemployment rate slightly fell to 4.1%, "indicating that the labor market conditions remain generally healthy," and have not shown signs of deterioration that might require preemptive interest rate cuts. He indicated that the current high uncertainty regarding employment, economic growth, and inflation direction "is not a time for significant shifts in monetary policy," and he believes the FOMC's current wait-and-see approach remains appropriate.