Fed’s Raphael Bostic doesn’t foresee rate cuts coming until ‘late 2024’

Atlanta Federal Reserve President Raphael Bostic on Friday said he doesn’t envision interest rate cuts happening until well into 2024.

Though he cited progress on inflation and a slowing economy, the central bank official told CNBC that there’s still a lot of work to be done before the Fed reaches its inflation goal of 2% annually.

“I would say late 2024,” Bostic replied when asked for a time frame when the first decrease could come.

The Fed has…