Atlanta Fed President sends rate cut message

The Atlanta Fed president said the rate cuts probably won’t happen until the summer. Atlanta Fed President Raphael Bostic, who will vote on policy decisions by the Federal Open Market Committee this year, told CNN in an exclusive interview that he expects the nation’s inflation rate, currently around 3%, to be close to 2% by the end of 2024. “From that perspective, I really see the first move coming in the summer,” Bostic said of the interest rate cut, which is currently at a 23-year high. Bostic said he was both surprised and pleased by the strength of the labor market. January’s monthly jobs report stunned economists with 353,000 new jobs added, well above expectations, and left the unemployment rate below 4% for the 24th consecutive month.