Fed official still looking for more data to confirm September rate cut

Federal Reserve headquarters

Raphael Bostic, President of the Federal Reserve Bank of Atlanta, says it may be time to cut rates but is still looking for more data to support a decision at the September meeting.

Despite faster-than-expected reduction in inflation and rising unemployment, Bostic remains cautious.

“I don’t want to cut rates and then have to raise them again”, he said in an event hosted by the Stanford Club of Georgia and the Stanford Alumni Association in Atlanta.

"If I were to err on one side, I would wait a little longer just to make sure we don't have to face that scenario," Bostic noted, adding that it was not his actual evaluation of the current situation.

Bostic’s remarks come after Federal Reserve Chairman Jerome Powell said it was time to cut rates at the Jackson Hole Economic Symposium last week.