U.S. Markets

Fed's Bostic: No need to 'do anything' with current policy stance

FILE PHOTO: Raphael Bostic, President of the Federal Reserve Bank of Atlanta walks into the three-day "Challenges for Monetary Policy" conference in Jackson Hole, Wyoming, U.S., August 23, 2019. REUTERS/Jonathan Crosby

(Reuters) - The U.S. economy is set to grow at a 2.00% to 2.25% annualized rate this year and any disruption to activity from the coronavirus outbreak will be short-lived, Atlanta Federal Reserve Bank President Raphael Bostic said on Friday.

Speaking on CNBC, Bostic added that he believes the Fed’s current policy stance, with its benchmark interest rate set in a range of 1.50% to 1.75% is appropriate and he has no impulse to “do anything” with it at this time.

Reporting By Dan Burns; Editing by Chizu Nomiyama