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Fed will allow labor markets to ‘run their course’: Bostic By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: Raphael W. Bostic is the President and Chief executive Officer of Federal Reserve Bank of Atlanta. He spoke at the European Financial Forum, Dublin, Ireland on February 13. REUTERS/Clodagh Kilcoyne

(Reuters) – Atlanta Federal Reserve Bank President Raphael Bostic on Monday reiterated the U.S. central bank’s commitment to making sure every American who wants a job can have one.

Bostic wrote in an essay late that night, that “without clear data demonstrating an inflationary problem is here and is likely to persist, we will permit labor markets to take their course, which could further our pursuit to long-term maximum unemployment.”

Although inflation is rising according to recent data, the Fed’s goal of 2% long-term employment remains “reasonably close”. He stated that he was not certain we’re facing an extended bout of serious, fundamental inflation.

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