Expectations that the Fed may return to a rate cut this year are becoming increasingly blurred. Atlanta Fed President Raphael Bostic is making statements that will hit the expectations that interest rate hikes will come by the end of this year.
Regarding the Fed rate decision, Bostic said, “We do not see inflation coming down rapidly. The rate cut is not in my base scenario. According to my basic scenario, there will be no rate cuts until 2024. Inflation still has a long way to go. Interest rates can go up. Interest rates have reached the level indicated by my estimation, if there is a movement from here, it will be upwards. There is progress in inflation, but we have yet to leave the easiest part behind without reducing inflation. I think math will work in our favor in the next few months. Businesses and households continue to say they expect high inflation to be short-term. Waiting and seeing the effects of monetary tightening, which is currently appropriately policyed. I don’t expect a little less credit to be given in the coming months. There is still some risk of recession. If we go into a recession, it won’t be long or deep.” said.
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