10:03 AM EDT, 06/03/2025 (MT Newswires) -- The best approach for monetary policy given the current level of uncertainty is to be patient, Atlanta Federal Reserve Bank President Raphael Bostic said Tuesday in an essay posted on the Atlanta Fed's website.

"There is a great deal of uncertainty out there, making it quite difficult to forecast the economy with confidence," Bostic wrote. "Given that, I continue to believe the best approach for monetary policy is patience. As the economy remains broadly healthy, we have space to wait and see how the heightened uncertainty affects employment and prices. So, I am in no hurry to adjust our policy stance."

Bostic said that tariffs are one of the "wildcards" for policy, with the ultimate impact still uncertain.

"The way things ultimately play out on this front will likely depend on the eventual shape of tariff policy, and on how firms and consumers react to additional costs and ongoing uncertainty," Bostic wrote. "If most of the import taxes are short-lived and lead to agreements that lower tariff levels among trading partners, then inflationary pressures may subside. If elevated import levies persist, then the opposite will probably happen."

Bostic next votes on the FOMC in 2027.