Federal Reserve Bank of Atlanta’s president has warned of disastrous economic consequences similar to those seen during the financial crisis of the 1970s if the Fed loosens its policy prematurely. Noting that “inflation remains too high,” he stressed: “We don’t want a repeat, so we must defeat inflation now.”
Fed Officials on Rate Hikes and Inflation Fight
The president of the Federal Reserve Bank of Atlanta, Raphael Bostic, warned about “disastrous” economic consequences should the Fed loosens its policy prematurely in an essay published by the Atlanta Fed on Wednesday.
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“I believe inflation remains too high,” he wrote, emphasizing the need for the Federal Open Market Committee (FOMC) to raise interest rates more aggressively. Commenting on a narrative that the Federal Reserve should consider “reversing
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