🚀🚀Fed Bostic: Inflation has not yet reached the Fed's target🚀🚀
Fed Bostic recently said that although the inflation rate has dropped significantly from the peak in 2022, the current inflation data is still far from the 2% target set by the Fed. He emphasized that in order to bring inflation back to the target level, he has been highly focused on the short-term situation, and pointed out that the PCE price index in June rose 2.5% year-on-year, and the latest data will be released on Friday. In addition. Bostic also mentioned that in the summary of economic forecasts released in June, he set the expectation of the neutral interest rate at 3%, and said that officials have begun to discuss at what level long-term interest rates will stabilize. He reiterated that the expectation of the time of interest rate cuts has been advanced, but he prefers to wait for more data to confirm the economic trend, so as to avoid having to raise interest rates again when inflation re-accelerates after premature consideration.
These statements by Bostic reflect the Fed's cautious attitude in formulating monetary policy, especially in assessing inflation trends and determining the appropriate interest rate level. They will determine whether to continue the current policy path based on the upcoming inflation and employment reports, including whether interest rates need to be adjusted in the short term. Fed officials are closely monitoring economic indicators to ensure that their decisions can appropriately respond to changes in the economic situation.
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