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.
“Now that inflation is coming into range, we have to look at the other side of the mandate, and there, we’ve seen the unemployment rate rise considerably off of its lows,” Bostic said.
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