Raphael Bostic, the regional Federal Reserve president, said Monday he’s been surprised at how fast inflation and the job market have slowed in just the last few months.
In a speech on the state of the U.S. economy and monetary policy, Bostic said he thinks risks to the U-S economy between inflation and employment are "much more balanced."
Bostic is the president of the Federal Reserve Bank of Atlanta. His territory includes Florida.
Last week, he was among members of the central bank to vote to lower its key interest rate by half a percent. It was the first time the Fed has lowered its interest rate since the pandemic four years ago.
The Fed’s rate cut last week signaled an end to its focus on fighting inflation. Still, Bostic said he remains worried about housing costs and their impact on inflation.
Consumer surveys, including one released Friday by The Associated Press-NORC Center for Public Affairs Research, show that most Americans remain unhappy with the economy, still bruised by an inflation rate that hit a four-decade high two years ago as the economy rebounded from the pandemic recession.
In South Florida, the so-called shelter component of inflation remains elevated. It was 5% in August compared to a year earlier.
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