Atlanta Fed President Raphael Bostic announced on Wednesday that he would retire once his five-year term ends in February 2026. Bostic, who took on the position in 2017, is the first African American and openly gay president of a regional Fed bank.
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“It has been a privilege to serve alongside President Bostic,” said Fed Chair Jerome Powell. “His perspective has enriched the Federal Open Market Committee’s understanding of our dynamic economy.”
Bostic Warns of Inflation Challenges ahead of Retirement
Bostic has stressed that inflation remains a major challenge for the economy, although he supported the 25 bps rate cut during the last Federal Open Market Committee (FOMC) meeting. He has held a hawkish view for most of the year, which is the belief that rates should be unchanged or higher in order to keep inflation in check. The latest Consumer Price Index (CPI) data showed inflation rising by 3.0% year-over-year, well above the Fed’s target of 2.0%.
In the meantime, the Atlanta Fed’s Board of Directors will establish a search committee to find Bostic’s successor.
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