Bostic Is Fighting a Phantom Menace to Fed Credibility
Federal Reserve Bank of Atlanta President Raphael Bostic dissented from the Federal Open Market Committee’s December rate cut, warning that the Fed’s credibility on inflation “could be at stake.” In a strongly worded statement released Wednesday, he argued that five years of above-target inflation risks unmooring expectations and potentially requiring the kind of painful recession that Federal Reserve Chairman Paul Volcker imposed in the early 1980s to break the back of inflation.
There’s just one problem: The very data Bostic cites doesn’t support his dire warnings.
Bostic points to his…
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