The U.S. central bank must not keep interest rates too high much longer or it risks causing too much harm to employment, Atlanta Federal Reserve President Raphael Bostic said on Wednesday.
FILE PHOTO: Atlanta Federal Reserve President Raphael Bostic walks into a conference in Jackson Hole, Wyoming, U.S., August 23, 2019. REUTERS/Jonathan Crosby/File Photo
Bostic added that recent price increase reports had bolstered his confidence that inflation is now on a sustainable path to return to the Fed's objective, with pricing pressures diminishing quickly and broadly. After being stung by higher-than-expected inflation in the first part of this year, the pace of annual price increases came down, by the Fed's preferred measure, to 2.5 per cent in July.
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