November 8, 2019 / 2:04 AM / a month ago

Fed's Bostic says he would have dissented against the last rate cut

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) - Atlanta Federal Reserve Bank President Raphael Bostic said on Thursday he probably would have dissented against the U.S. central bank’s last interest rate cut if he had a vote on monetary policy because he does not see weaknesses in the economy that support easing.

Bostic still expects the economy to grow above trend and he projects inflation will reach the Fed’s 2% target, he told reporters after an event organized by the Money Marketeers of New York University.

“Consumers are staying pretty rock solid,” Bostic said, citing economic data and business surveys. He said there would need to be a “significant” shift in economic trends for him to support either a rate cut or a rate increase.

Bostic does not have a vote for monetary policy this year, but he does participate in deliberations.

Reporting by Jonnelle Marte; Editing by Leslie Adler

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