Fed’s Bostic calls for 75 basis-points interest rate hike in July
Latest job report ‘reaffirms that the economy is strong and there is still a lot of momentum in the labor market, and that is a good thing,’ Bostic said
• Latest job report ‘reaffirms that the economy is strong and there is still a lot of momentum in the labor market, and that is a good thing,’ Bostic said
Atlanta Federal Reserve Bank President Raphael Bostic on Friday said he “fully” supports another three-quarter of a percentage point interest rate hike at the US Federal Reserve’s next policy meeting later this month.
Bostic said the report from the Bureau of Labor Statistics, published earlier on Friday showing US job growth increased more than expected and the unemployment rate remained at 3.6% in June, “reaffirms that the economy is strong and there is still a lot of momentum in the labor market, and that is a good thing.”
Still, the central bank’s most dovish policymakers said, the data shows some early signs of a slowing economy.
“They are really just minor signs, and ...what I’m going to be looking for over the next several months is evidence that that slowing is becoming much more sustained and much more significant across the board,” Bostic told CNBC.