(Bloomberg) — Federal Reserve Bank of Atlanta President Raphael Bostic said he favored six quarter-point interest-rate hikes in 2022, a less aggressive approach than most of his fellow officials, in light of increased uncertainty about the outlook following Russia’s invasion of Ukraine.

“I penciled in six rate hikes for 2022 and two more for 2023,” Bostic said Monday in prepared remarks to a National Association for Business Economics conference in Washington. “I recognize that I am toward the bottom of the distribution relative to my colleagues, but the elevated levels of uncertainty are front forward in my mind and have tempered my confidence that an extremely aggressive rate path is appropriate today.”

Federal Open Market Committee policymakers led by Jerome Powell voted last week 8-1 to raise interest rates by quarter point. They are facing the worst inflation since four decades. This move brought their target rate for benchmark policy rates to 0.2% to 0.5%. St. Louis Fed President James Bullard’s dissent in favor of a half-point hike was the first vote against a decision since September 2020.

“Events are shifting rapidly, and we could see marked changes along key dimensions, such as aggregate demand, that could warrant quickly adjusting the trajectory of policy,” Bostic said.

The FOMC’s “dot plot” in its economic forecasts showed policy makers penciling in their expectation of rate hikes through each of the remaining six meetings in 2022, with the median projection for a quarter point every time. This would mean that there was a half-point movement at one time or another, with almost half the policy makers wanting to move even faster.

“The risks go both ways,” Bostic said. “Should demand falter in the face of economic uncertainty or removal of monetary policy accommodation, then the appropriate path may be shallower than I currently project. But there are other developments, such as shifts in supply strategies, that could mean higher costs and thus motivate a steeper policy path than I expect.”

Bostic indicated that inflation is a top concern of policymakers this year. He also described the U.S. labor force as tight.

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