FOMC voting member Raphael Bostic warns central bank officials must also beware jobs market
A top Federal Reserve official has said he is “open” to an interest rate cut in September as he warned that the US central bank can’t “afford to be late” to ease monetary policy amid signs of cooling in the labour market. Atlanta Fed president Raphael Bostic, a voting member of the central bank’s rate-setting committee, told the Financial Times that as price pressures eased officials also needed to be conscious of their mandate of maintaining full employment.
A cut to borrowing costs ahead of the election would be welcomed by the White House but politically controversial, with Republican candidate Donald Trump last month warning the Fed not to cut rates. Bostic had previously supported a rate cut towards the end of the year, warning that the Fed needed to be “absolutely sure” about its grip on inflation before easing borrowing costs.
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