Bostic: Fed can be patient, rate cuts unlikely before the end of the year

On April 19, the Federal Reserve's Bostic said he is satisfied with keeping interest rates stable and reiterated that he does not think it would be appropriate to lower borrowing costs before the end of the year. Bostic said he still believes inflation is moving towards the central bank's 2 percent target, but noted that the path may be slower than people expect. He has previously said he expects the Fed to cut rates only once this year. Bostic believes that inflation is too high and needs to be brought down to the 2 percent target. He is happy to be patient. In addition, he said he will continue to focus on job growth and inflation-adjusted wage growth. He said the Fed's current stance is restrictive, which will slow the economy and eventually bring inflation down to 2%. But if all these other good things are happening, he is not in a hurry to go there.