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Raphael Bostic, President of the Federal Reserve Bank of Atlanta, has reduced his 2024 interest rate cut projection from two to just one, citing tariffs as a major obstacle to inflation reduction.
Bostic now expects inflation won’t reach the Fed’s 2% target until early 2027—later than previously anticipated but in line with other Fed officials’ forecasts. While the median Fed projection still indicates a half percentage point of cuts this year, an increasing number of officials favor just one cut or none at all.
Unlike Chair Powell, who recently described tariff-related inflation as “transitory,” Bostic avoided using this term—a word that recalls the Fed’s mischaracterization of pandemic inflation. He’s waiting for policy changes to be firmly implemented before further adjusting his economic projections.
