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President Bostic of the Atlanta Federal Reserve says that job losses are to be expected but that there is a really good chance that inflation can be brought down to 2% without completely destroying the economy.
In an interview that aired on CBS’s “Face The Nation” on Sunday morning, the president of the Federal Reserve Bank of Atlanta, Raphael Bostic, expressed his continued dedication to the 2% inflation target while also expressing a cautiously optimistic outlook on the path that will lead to its being achieved.
On Wednesday, the Federal Reserve Board of Governors raised the target range for the federal funds rate by 75 basis points, bringing it up to between 3 and 3 1/4. Bostic thinks that the Federal Reserve can reach its goal of 2% inflation without doing too much damage to the economy.
“I do think that we at the Federal Reserve are going to do all that we can do in order to avoid deep, deep pain.” Bostic stated this on the programme “Face the Nation.”
The most recent report put the annual rate of inflation at 8.3% for the preceding calendar year. Some people are concerned that the Fed’s stringent policies might cause further economic upheaval. The Fed’s goal is to reduce the level of demand in the economy so that prices can become more stable.
Bostic understood that, as a result of the actions taken by the Fed, there would most likely be a reduction in the number of available jobs. On the other hand, Bostic is of the opinion that “there is a really good chance that if we have job losses, they will be smaller than what we’ve seen in other situations,” as he stated on “Face the Nation.” This is in comparison to previous instances of the Fed tightening monetary policy.
Even though the GDP has shrunk for two quarters in a row—a sign that some people use to tell if the economy is going into a recession or not—Bostic thinks the economy has “positive momentum.”
On a monthly basis, we are still adding a significant number of new positions. Because of this, I believe that there is some capacity for the economy to absorb our actions, “Bostic said, pointing out that there has been “considerable job growth” in Atlanta, the city in which his bank is headquartered. “As time goes on and we continue to make progress, it is my expectation that we will begin to get inflation more under control.”
