Federal Reserve Bank of Atlanta President Raphael Bostic stated on Wednesday that he has moved forward his expectations for a central bank rate increase to next year and that the time is coming soon for the Fed to cut off its bond-buying stimulus efforts.“Given the upside surprises and recent data points, I’ve pulled forward my projection for our first move to late 2022,” Mr. Bostic stated in a call with reporters, Mr. Bostic stated he also expects two additional gains in the federal-funds rate in 2033. The Fed official had recently stated that he expected the first gain in 2023.When it comes to bond-buying, the Fed has been saying for some time “we’re going to need to make substantial further progress” towards its job and inflation goals before paring asset acquisitions, and “in my view, we are close to meeting that standard,” Mr. Bostic stated.Should the job market indicate strength over the next three to four months, “I feel we will have reached that standard, and given that that’s a distinct possibility, I think it’s fully relevant to be planning to launch the tapering process,” Mr. Bostic stated.
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