Fed's Bostic argued for a patient approach to policy adjustments
Fed's Bostic argued for a patient approach to policy adjustments in his comments today, largely reiterating prior remarks. "Grassroots intelligence from Main Street and messages from Wall Street indicate heightened uncertainty and concern about the economy." Tariff and trade issues have dominated the conversations and have been present in the survey data the Fed collects, he added, and said though businesses have absorbed the initial rounds of tariffs, he worries about further increases or a broadening that could create "significant challenges." The recent market turmoil is not the cause, but the symptom of various concerns and uncertainties about the outlook. Bostic is not a voter this year, but has been generally more dovish since he began his tenure in June 2017, though he voted for the rate hike last month.