Atlanta Federal Reserve Bank President Raphael Bostic told CNBC on Wednesday that he is forecasting the US central bank to lower the policy rate just one time this year.

Key quotes

"Economy is maintaining strong momentum it has had."

"If there is any weakening, it's at a very incremental level."

"Over longer arc, economy does need to slow to get to longer-run potential."

"I think you can still get growth and get inflation to continue to come down."

"But in that environment, inflation would come down much slower than expected."

"That's partly why I changed my forecast as fed would have to be more patient than expected."

"I am still forecasting one rate cut this year."

"We are going to have to watch and wait and see how things evolve."

"If economy evolves as I expect, I think appropriate to cut rates in Q4 this year."

"My outlook right now is inflation will drop incrementally through 2024."

"I think we won't be back to 2% inflation target until 2026."

"The road is going to be bumpy, over last several months inflation hasn't moved very much relative to 2023."

"I am not in a rush to disrupt economy's dynamic as long as inflation is moving toward our target rate."

"That said, if employment starts to degrade I would have to take that on board."

"My contacts are not giving me any concerns on employment though