FILE PHOTO: Federal Reserve Bank of Atlanta President Raphael Bostic participates in a panel discussion at the American Economic Association/Allied Social Science Association (ASSA) 2019 meeting in Atlanta, Georgia, U.S., January 4, 2019. REUTERS/Christopher Aluka Berry//File Photo
May 19, 2021
(Reuters) – Federal Reserve Bank of Atlanta President Raphael Bostic said he is looking closely at what he expects to be volatile economic data in coming months for signs the economy has made substantial progress toward the Fed’s goals of full employment and low inflation – the bar the Fed has set before it will consider reducing its support for the economy.
“If we see that substantial, significant progress towards our goals, I’m going to be advocating for us moving policy – now, we are not there right now,” Bostic said on Bloomberg TV. He added that “no one” should think he would advocate a change “tomorrow,” noting the economy is still 8 million jobs short of where it was before the coronavirus pandemic and that inflation has not been above 2% for a sustained period.
“I’m paying attention and, because this is such an unprecedented time, I’m going to try to be as prepared as I can for whatever happens coming down the road,” Bostic said.
(Reporting by Ann Saphir; editing by Jonathan Oatis)