Off The Wire
Bostic: Fed's focus is its mandates not market pricing for rate cuts
ATLANTA (Reuters) - Strong market expectations of an upcoming Fed rate increase are not a reason for the central bank to make a policy move given a U.S. economy that continues to perform well, Atlanta Federal Reserve President Raphael Bostic said on Thursday.
Bostic, who described himself as skeptical of the need to lower rates, said “our mandate is to serve the U.S. economy and not a particular market.” Investors in securities linked to the Fed’s policy rate have set a near 100 percent expectation of a rate cut when the central bank meets later this month.
Reporting by Howard Schneider; editing by Diane Craft