Federal Reserve Bank of Atlanta President Raphael Bostic told National Public Radio (NPR) on Friday that although he does not believe the United States is in a recession, he warned that the recession fears "could become self-fulfilling."
Bostic noted that there is "more work to be done" in order to curb inflation and added that even though further rate hikes could hurt the job market, so far there is "still momentum for continued hiring."
Bostic once again reiterated that the future course of interest rates will depend on "how the economy evolves" in the upcoming months. Previously, the Fed increased its key interest rates by 75 basis points.