Fed's Bostic open to rate cuts in 2023 but says outlook depends on inflation and jobs data

Atlanta Fed president Raphael Bostic still expects one rate cut in 2024, but is open to the possibility of 0 or 2 cuts depending on economic conditions.

Bostic said if inflation continues declining or there is job market "pain", rate cuts could happen sooner. More than one cut this year is possible.

Some Fed officials have recently poured cold water on near-term rate cut hopes, saying it's too soon to ease policy.

Fed Chair Powell and some others have stuck to the outlook for rate cuts at some point this year.

Bostic said a consumer inflation reading in line with expectations on Wednesday would be a "welcome development" suggesting progress on reaching the Fed's inflation target.