Atlanta Fed President Bostic, who has been at the helm of Atlanta Fed since 2017, announced that he will retire on February 28.
Bostic, 59, was the first African-American regional president of the Federal Reserve in its 111-year history.
“It has been a privilege to serve with Chairman Bostic. His perspective has enriched the Federal Open Market Committee’s understanding of our dynamic economy. His leadership has strengthened our institution and advanced the Fed’s mission,” Fed Chairman Jerome Powell said in a statement.
In a statement he made today, Bostic stated that inflation is still the biggest risk for the economy. The official said he prefers to keep interest rates as they are until there is “clear evidence” that inflation is returning to the Fed’s 2 percent target. In a statement prepared for his speech at the Atlanta Economic Club, the Fed official said he found signals from the labor market “unclear and difficult to interpret.”
