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WATCH: Bostic Urges Fed to Be ‘Cautious and Patient’ on Policy
Good morning. Caution urged on Fed policy, potential green shoots in China and record profit for a Swiss lender. Here’s what’s moving markets.
Federal Reserve Bank of Atlanta President Raphael Bostic warned that policymakers need to be cautious to avoid overtightening monetary policy and risking doing any harm to the US labor market. Speaking at an event in South Africa, he said US monetary policy is “appropriately restrictive.” Bostic added: “I think we should be cautious and patient and let the restrictive policy continue to influence the economy, lest we risk tightening too much and inflicting unnecessary economic pain.”