Bostic Sees Incredibly Resilient US Economy But Expects Bumpy Inflation Path and Potential Rate Cuts Ahead

Bostic sees the US economy as "incredibly resilient" with strength in jobs, but expects some slowdown ahead. He's monitoring volatility in labor data and disproportionate growth in government and healthcare jobs.

On inflation, Bostic expects a "bumpy" path to 2% in 2024. He sees evidence of inflation stalling recently and expects continued pressure in services prices.

Bostic's rate outlook remains at one cut in Q4, but he's open to more cuts if economy slows or fewer if economy accelerates.

Rate cuts timing depends on inflation distribution - how many goods have price increases above 3-5%. He wants to see normalization before confidence in 2%.

On unemployment, Bostic doesn't have a target level but wants to reach 2% inflation with minimal job market damage. He'd consider earlier cuts if he hears warnings of labor market pain.