Fed’s Bostic: Powell was preparing for some job losses – Fox Business
2022.08.26 19:58
FILE PHOTO: Federal Reserve Bank of Atlanta President Raphael Bostic participates in a panel discussion at the American Economic Association/Allied Social Science Association (ASSA) 2019 meeting in Atlanta, Georgia, U.S., January 4, 2019. REUTERS/Christop
(Reuters) – Atlanta Federal Reserve President Raphael Bostic on Friday said Chair Jerome Powell was trying to prepare Americans for the possibility of a weaker job market as the central bank raises interest rates to bring inflation under control.
“I think the chair was trying to prepare people for the possibility that as the economy slows down, we might have some job loss, and we might have some slowdown in business,” Bostic said in an interview on Fox Business from Jackson, Wyoming, where Powell spoke earlier in the day.
“My hope is that if that happens it will be a relatively mild impact.”
