Federal Reserve Bank of Atlanta President Raphael Bostic told CNBC on Friday that his outlook is for a reduction in policy rate in the summer time, per Reuters.

Bostic noted that the economy still has tremendous momentum and added that he expects two rate cuts in 2024. Commenting on the latest inflation figures, Bostic acknowledged that he was "a little surprised by the data" and said that they will look for progress in underlying measures of inflation.

Market reaction

The US Dollar Index showed no immediate reaction to these remarks and was last seen posting small daily gains at 104.33.