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Market News

Fed's Bostic: Rate increase likely in late 2022 on strong growth, inflation

WASHINGTON, June 23 (Reuters) - Atlanta Federal Reserve Bank President Raphael Bostic said the central bank would likely need to begin raising interest rates late next year, with stronger than expected inflation and the U.S. “well on its way to recovering from the pandemic.”

“Much of the data recently has come in stronger than I expected,” Bostic said in comments to reporters. “GDP is on a strong trajectory. Inflation is higher and has been well above our target,” with the economy growing at 7% and inflation at 3.4% compared to the Fed’s 2% target. (Reporting by Howard Schneider Editing by Chris Reese)

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