Rate cutsxa0likelyxa0won't happen until the summer, Atlanta Fed chief says

Bumpy and slow is how a top Federal Reserve official sees inflation’s trajectory this year. Atlanta Fed President Raphael Bostic, who is voting on the Federal Open Market Committee’s policy decisions this year, said he is anticipating the nation’s inflation rate will be near ’the lower twos’ by the end of 2024. Bostic expects the first rate cut to happen sometime in the summertime. He has been surprised and pleased by the strength of the labor market, with January’s monthly jobs report showing 353,000 new jobs added. Fed officials anticipate three rate cuts this year, with the first rate cut expected in the fourth quarter.