Fed’s Bostic Says Economy Probably Isn’t in Recession, More Rate Rises Needed

Federal Reserve Bank of Atlanta President Raphael Bostic said he doesn’t believe the U.S. economy is in recession now and that the central bank will need to press forward with rate rises to lower high inflation.

“I don’t think the country is in a recession,” Mr. Bostic said Friday in an interview on National Public Radio. “One of the things that I’ve been encouraged by is actually how strong the job growth has been, which suggests to me there’s a lot of momentum in the economy.” He added: “There’s a lot of demand out there, and so I think we’re a ways away from a recession.”