09:05 AM EDT, 08/23/2024 (MT Newswires) -- As risks to inflation and employment have come into better balance, it is appropriate to consider lowering interest rates sooner than previously expected, Atlanta Federal Reserve Bank President Raphael Bostic, a voter on the Federal Open Market Committee in 2024, said Friday at the Jackson Hole Fed Symposium.

Bostic had previous forecast only one rate cut this year from the current 5.25% to 5.50% target range for the federal funds rate, and not until Q4, but he acknowledged that inflation has declined faster than expected, making it possible to cut rates sooner.

Bostic would not comment on how many rates cuts he now sees for this year.

However, Bostic also said it is incorrect to believe that inflation is no longer something to be concerned about even if the FOMC acts before inflation falls all the way to the 2% goal.