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

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.

“We can move by 75 basis points at the next meeting and not see a lot of protracted damage to the economy,” Bostic said in an interview with CNBC.

Last month, the Fed raised its short-term benchmark interest rate by 75 basis points, the biggest rate hike since 1994, throwing the rate between a range of 1.5% and 1.75%.