Fed's Bostic says inflation is still too high

The core PCE inflation gauge rose 2.4%, above the Federal Reserve's 2% target. Atlanta Fed President Raphael Bostic said inflation remains too high and that the Fed must be focused on reducing it.

The core Personal Consumption Expenditures index climbed 2.4% in the latest reading, which is above the Federal Reserve's 2% target. Atlanta Fed President Raphael Bostic said inflation is "still too high" and that the Fed should be laser-focused on actions that help bring it down. Federal Reserve Governor Stephen Miran offered a different view, saying inflation is close to the target range and that lower rates are needed to support a softening labor market. Key facts: - The core PCE index rose 2.4%, compared with the Fed's 2% goal. - Raphael Bostic said inflation is "still too high" and urged focus on lowering it. - The next scheduled policy event is the Federal Open Market Committee meeting on January 28, where market tools showed a strong likelihood the Fed would hold rates steady. Summary: Bostic's comments highlight continued concern among some Fed officials about inflation remaining above the central bank's goal. The Federal Open Market Committee meeting on January 28 is the next scheduled event where policy decisions and forward guidance are expected to be clarified.