According to Jinshi Data, Atlanta Fed President Bostic, a 2024 FOMC voting member, told the Financial Times that he was "open" to a rate cut in September. He warned that the Fed must not be "late" in easing monetary policy as the labor market shows signs of cooling.

As price pressures ease, Fed officials also need to realize that their mission is to maintain full employment. "Now that inflation is moving into range, we have to look at the other side of policy, where we've seen unemployment rise significantly from its lows," Bostic said.

Bostic said he was open to the possibility of taking action before the fourth quarter and acknowledged that the Fed has a lot of risks as it weighs when and how quickly to ease monetary policy. He stressed that "because our policy is lagging in both directions, we really can't be late. We have to act quickly."