Federal Reserve officials signaled Friday they will likely stick with a 75-basis-point interest rate increase at their July 26-27 meeting, though a recent high inflation reading could still warrant larger increases than anticipated later in the year.
Data released earlier this week showing inflation had accelerated to an annual rate of 9.1% in June raised the possibility the Fed might opt for a larger 1 percentage point rate hike at its next session.
But he also said he was indifferent about whether the U.S. central bank approves a 0.75-percentage-point rate increase this month, as policymakers have flagged, or boosts that to a full percentage point. While Bostic did not explicitly endorse a 75-basis-point increase at this month's meeting, his comments seemed to lean away from a larger rate hike in July.
That promise is being weighed against increased concerns that the Fed's efforts, which have already prompted large jumps in home mortgage interest rates and other forms of credit that directly hit household and businesses bottom lines, will lead the economy into recession.
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