Atlanta Fed President and FOMC member Raphael Bostic said on Tuesday that the US will be "hard-pressed" to get inflation back below 3.0% for all of 2022, reported Reuters. However, Bostic said he remained optimistic that Fed actions will produce steady movement of inflation back to the bank's 2.0% target.
Seperately, Bostic warned of significant upwards pressures on energy prices. The labour market is sending a strong signal that the US economy can stand on its own without central bank support, Bostic added.