Fed's Bostic: Inflation still far from Fed's 2% target

Odaily News Fed's Bostic said inflation has fallen sharply from its 2022 peak, but recent data is "still a long way" from the central bank's 2% target. "I have been highly focused on the short term in order to get inflation back to target," he said. Bostic said officials are beginning to discuss where interest rates will stabilize in the long run, adding that he set the neutral rate at 3% in his latest summary of economic projections released in June. Just a day ago, the Atlanta Fed president reiterated that his expectations for a rate cut had been brought forward. He added that he would rather wait for more data to confirm economic trends than cut rates too early and then have to raise them again when inflation re-accelerates. (Cailian News Agency)