- Baseline is no rate cuts until the second half of 2024 at earliest
- Inflation is unacceptably high but there has been significant progress
- Data consistent with ‘orderly slowdown’
- We are in a phase where there is some risk of overtightening
- says he would have ‘grudgingly’ voted for a rate hike in July
- If progress on inflation stalls, I would be comfortable contemplating a rate hike
Bostic is a voter next year. The dovish tone isn’t new.