‘Slight increase’ signal from Fed spokesman – MIR
Atlanta Fed President Bostic said at a meeting next month that there could be a smaller increase rather than a 75 basis point increase. Despite this, Bostic argued that a 100 basis point increase in the total was needed to fight inflation.Speaking at an event on Saturday, Bostic said: “I’m far away from the idea of a 75 basis point hike at the December meeting. If the economy moves in the direction that I expect, a 75 or 100 basis point hike may be needed. Overall. I believe that interest rates at this level will be enough to bring inflation down within a reasonable time.” He said he should watch it develop. He said it could take 12 to 24 months for the full effect of the rate hike to be felt. Many Fed officials have given understand that there could be a 50 basis point increase in the December meeting after raising interest rates by 75 basis points in four meetings in a row.
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