(Bloomberg) -- Federal Reserve Bank of Atlanta President Raphael Bostic stuck to his expectation for one interest-rate cut this year, while maintaining flexibility to adjust as needed.

“My outlook for 2024 is one cut toward the end of the year, and I expect that the economy’s going to continue to grow,” Bostic said in a moderated discussion at Tulane University in New Orleans. “I think inflation is going to continue to fall, but much slower than I think many would like.”

If “something surprising happens, I’d adjust the outlook based on that,” he added. “I am ready to pay attention.” 

Bostic has previously said that he sees the Fed cutting rates in the fourth quarter. He repeated Friday that he’s “not in a hurry” to start that process.

In his prepared remarks, the Atlanta Fed chief highlighted housing affordability challenges in the US, including for renters in the Southeast.

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