Atlanta Federal Reserve Bank President Raphael Bostic said that "we are in a phase where there is some risk of over-tightening." According to him, the Fed should be cautious, patient, and resolute. He does not expect that a rate hike will be necessary at the September meeting.

Regarding the inflation outlook, Bostic mentioned that if progress unexpectedly stalls, he would be comfortable contemplating another rate hike. "Inflation is unacceptably high," despite the significant progress made, he said. Regarding data, he added that it has been "promising."

Atlanta Fed President expects unemployment to rise as inflation declines. He does not see interest rate cuts until the second half of 2024, at the earliest.