ChainCatcher news, Fed's Bostic said that inflation has dropped sharply from its peak in 2022, but recent data is "still a long way" from the central bank's 2% target. He said, "In order to bring inflation back to the target, I have been highly focused on the short term." Bostic said officials began to discuss at what level interest rates will stabilize in the long run, adding that he set the neutral interest rate at 3% in his latest economic forecast summary released in June. Just a day ago, the Atlanta Fed president reiterated that his expectations for rate cuts were brought forward. He added that he would rather wait for more data to confirm economic trends than cut interest rates too early and then have to raise interest rates again when inflation re-accelerates.