Federal Reserve Bank of Atlanta President Raphael Bostic told CNBC on Friday that he believes the United States won't be seeing a recession.
Bostic remarked that the country's economy is still proving to be resilient and "has a lot of momentum." He went on to add that inflation has "come down a lot" and will continue to "ebb slowly."
He noted that the central bank needs to be "cautious, patient and resolute" in its fight against inflation. The policymaker expressed no doubt that the Fed would reach its 2% target. To conclude, Bostic reiterated that interest rate cuts could take place in late 2024.