Fed's Bostic: I don't see as much urgency to move as stated by others

"I don't see as much urgency to move as stated by others, including my Chair," Atlanta Federal Reserve President Raphael Bostic told reporters regarding future rate increases, as reported by Reuters.

Key takeaways

"We've only been in restrictive territory for 8-10 months, just at beginning stage of what tightening should look like."

"I'm looking for more signs that a slowdown is happening in the next several months."

"If that happens, I think we can get back to our target with a minimum of economic dislocation."

"If inflation moves away from target or seems to significantly stall, then we'll probably have to do more."

"We're not seeing that or move in inflation expectations so I'm comfortable waiting."

"Firms exposed to debt financing are going to have to be more nimble, implications for housing, commercial real estate."

"Not hearing a lot in surveys that increased cost of capital is putting a strain on businesses."

"Core inflation has plateaued, signs underneath it might actually still have some improvement coming."

"There are measures today suggesting that inflation has started to really get much more into range of normal."

"There are undoubtedly scenarios where we could move at two meetings in a row, not expecting that will happen."

"If that's what is needed, we'll do what needed."

"Nobody should take a signal from my view that we should pause that I'm less concerned about high inflation."

"Have heard a decided change from employers in last eight weeks, labour markets not as horrifically tight."

Market reaction

The US Dollar came under modest bearish pressure following these comments and the US Dollar Index was last seen losing 0.15% on the day at 102.82.

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