Atlanta Fed President and FOMC member Raphael Bostic on Monday said that the Fed needs to get its benchmark Federal Funds interest rate to "neutral" as quickly as we can, reported Reuter. Bostic said he currently estimates the "neutral" rate to be around 2.25%.

Employers are trying to set wages to catch up to inflation, Bostic added, saying also that his current hope is that very high wage growth as a response to the pandemic will not become a permanent feature. If we get inflation under control, Bostic added, we can avoid inflation expectations shifting higher.