Fed Bostic: is close to ready to cut interest rates may favor more than one rate cut this year

Atlanta Fed President John Bostic said it is now possible that more than one rate cut is needed by the end of the year, a shift in his view after data showed falling inflation and a slowing labor market. In an interview with CNBC, Bostic said, “It may be appropriate to move ahead with the first rate cut.” When asked if he favored more than one rate cut this year, he said, “It's possible.” He said inflation has slowed more than he expected and “the data suggests that action on rates is appropriate. For me, I just want to make sure that the next couple of data points are consistent with that.” The market widely expects the Fed to begin cutting rates at its September meeting. Bostic has previously said he is open to supporting rate cuts.