Federal Reserve Bank of Atlanta President Raphael Bostic (pictured) stressed on Wednesday that he considers it “appropriate” to cut interest rates in the last quarter of 2024, as he believes inflation will not reach the 2% target until 2026.

“If the economy evolves as I expect, and that’s going to be seeing continued robustness in GDP, unemployment and a slow decline of inflation through the course of the year, I think it would be appropriate for us to do start moving down at the end of this year, the fourth quarter,” he pointed out during the CNBC’s Squawk Box interview.

The central banker reiterated his expectation for a single quarter-point reduction in interest rates this year, deviating from the prior projection of two cuts.