United States Federal Reserve Bank of Atlanta Raphael Bostic admitted on Wednesday that the central bank's fight against the rising trend in inflation is still likely in its "early days," which is why it must stay "vigilant."
Speaking at the Northwestern University Institute for Policy Research, Bostic noted that despite some "glimmers of hope" when it came to data, including certain improvements in the services sectors and private payrolls, "we are still decidedly in the inflationary woods, not out of them."
Commenting on the "considerable speculation" the Fed might start lowering interest rates in 2023 if the general economic state improves, Bostic warned that "I would say, not so fast." Recently, Fed Bank of New York President John Williams estimated inflation is likely to fall to 3% in 2023.