Federal Reserve Bank of Atlanta Governor Raphael Bostic (Raphael Bostic) said on Thursday that continued economic growth will push the US closer to full employment by the end of 2022. Bostic expects the Federal Reserve to start raising interest rates at that time, and there will be “no obstacles” in speeding up the pace of interest rate hikes thereafter.

“I think the economy is running very strongly... it will be close to full employment by the end of 2022. There will be no obstacles to normalization in 2023,” Bostic said.

Bostic said he believes the Federal Reserve has reached the benchmark for reducing bond purchases, and that the current level of inflation and employment growth will guarantee the first rate hike next year and three interest rate hikes in 2023.

Bostic said that the Federal Reserve has made substantial further progress as far as its responsibility to achieve full employment and maintain price stability is concerned. Long-term inflation in the US has risen, but it hasn't gotten out of control.