(Bloomberg) -- Federal Reserve Bank of Atlanta President Raphael Bostic reiterated his expectation for one interest-rate cut this year, but added he’s open to changing his view to later or additional rate reductions should the economic picture change. 

Bostic highlighted the enduring strength of the US economy and labor market in an interview on Yahoo Finance Live. But he said signs of weakness in the jobs market would prompt him to consider earlier and more cuts than he is currently expecting. 

The Atlanta Fed chief has previously said he anticipates the Fed will reduce borrowing costs in the fourth quarter. 

When asked Tuesday about the prospect of the Fed not cutting rates at all this year, Bostic said, “I do think the risks are balanced and given that the US economy has been so robust and so strong and so resilient — I can’t take off the possibility that the rate cuts may even have to move further out.” 

But he added, “If I started to get different signals to suggest that there’s a lot of coming pain in the labor market side, then I’d be open to changing our policy stance and perhaps cutting sooner.” 

Fed officials in March were split on how aggressive rate cuts will be this year. The central bank’s “dot plot” showed 10 officials forecast three or more quarter-point cuts this year, while nine anticipate two or fewer.

The Atlanta Fed chief said he is “very grateful” that the US economy continues to generate a lot of jobs, describing the recent employment report as “a surprise to the upside.”

While business contacts in the Southeast give him confidence the job market will remain solid, Bostic said his goal is to return to 2% inflation with “as little damage on the employment side as possible.”

“If it seems like there’s a looming cliff that’s coming, I’ll definitely have to take that on board in thinking about when it is going to be appropriate to reduce rates,” he said.

Bostic said he would be encouraged if the March consumer price index, which will be released Wednesday, comes in as expected by economists. He added he will be focused on underlying details that give clearer evidence about the trajectory of inflation. 

(Adds additional details and comments from Bostic.)

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