Fed's Bostic (Retiring) says high end consumers have been spending, in many ways, US has long had a K-shaped economy; economy has been resilient, speaking via WLRN radio
Importance
Level 1
- Important they get inflation under control, inflation issues are still one of the economy's main challenges.
- Cost pressures are not just from tariffs.
- No hire, no fire continues to be a key labour market dynamic.
- Fed's job and inflation mandates are somewhat in tension.
- Inflation is 'a lot' above the 2% target.
- Need to be 'laser focused' on lowering inflation.
- This is a time for the Fed not to lose sight of its inflation mission.
- Hearing about stress from sectors that depended on foreign workers.
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