Atlanta Fed President Bostic
Atlanta Fed Pres. Bostic is also speaking, and like Daly is speaking to the services inflation component.
He says:
- a likelihood that services inflation will prove stickier than Fed would want
- not saying that wages are driving final goods prices
- If there's a contraction, it's going to be shallow and short
- Thinks inflation will fall to about 3% this year, though it will take time
- Base case for 2023 GDP is 1% growth
- Repeats that he sees rates rising to 5-5.25%
- Repeats that rates will need to stay high well into 2024
- It's fair to say the Fed is willing to overshoot
