Atlanta Fed Pres. Bostic speaking on line.
- earlier economic rebound was stronger than anticipated
- ending public health crisis determines economic balance
- not feasible to keep economy closed forever
- there is a bit more reticence in the economy
- situation is extremely fluid
- not likely that inflation will be a huge problem
- I'm not concerned about deflation
- with excess capacity, hard to imagine price pressures
- if we get virus under control will get to growth mode
- retail data for May, June stronger than his team saw
- jobless claims leveling off at a very high level
- it will take a while to catch up, could be by the end of 2021
- balance sheet expansion has natural expiration to it
- balance sheet will roll off on its own
- on negative interest rates, no
- we've signaled low rates for a while; guidance is important
- closing wealth gap need much engagement from many
- importantly get people house appropriately, sustainably
Atlanta Fed Pres. Bostic speaks nearly daily about the economy. These comments are consistent with most all economists who are not intent on making a huge name for themselves. Economists and even Fed officials can make educated guesses, but they are ultimately subject to the whims of the coronavirus and the successes or failures of things like the vaccine and antigen progress, the impact from small businesses, perhaps even budgetary constraints, and risks from the upcoming election (including the potential for huge hacks that could cause all sorts of havoc).
