US Fed official warns interest rates are in ‘restrictive territory’ and should not rise further

Raphael Bostic, president of the Atlanta Federal Reserve, urged other monetary policymakers to pause extra rate hikes and give time for inflation to slow down further over the coming months

Interest rates are now in “restrictive territory” and should be giving time to take effect in the economy, a senior US Federal Reserve official has said.

Raphael Bostic, president of the Atlanta central bank and a board member of the US Federal Reserve, said there are growing signs that core inflation is beginning to slow, adding that he would not increase interest rates any further if it were up to him.

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