TechFlow news, according to Jinshi Data, Federal Reserve's Bostic stated that pricing power in the services sector is weakening, but he still believes housing inflation will "get back on track." He said the Fed can achieve its 2% inflation target even while the labor market remains historically "tight." He wants to be "absolutely certain" inflation is moving back toward 2% before any initial rate cut, which should be seen as the first step in a series of reductions.
Bostic expects a rate cut in the fourth quarter of this year and anticipates 100 basis points of cuts next year, meaning four quarterly cuts of 25 basis points each in 2025.
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