"Federal Reserve Officials Downplay Urgency for Interest Rate Cuts"

New York Fed president John Williams and Atlanta Fed president Raphael Bostic both expressed a lack of urgency to cut interest rates, citing strong job growth and wage increases. Williams stated that interest rates are currently moving the economy gradually towards its goals, while Bostic expects one rate cut near the end of 2024. This cautious stance follows a pivot from Fed Chair Jay Powell, who emphasized the need for patience in achieving the central bank's 2% inflation target. The shift in tone from Fed officials comes after higher-than-expected inflation data, with investors now pricing in the first rate cut in September.