Atlanta Federal Reserve Bank President Raphael Bostic said on Friday that he is not in a rush on rate cuts and see the case for rate reduction in the central bank's policy rate to somewhere between 3% and 3.5% by the end of next year, per Reuters.

Key quotes

"I'm not in a rush to get to neutral.”

"We must get inflation back to our 2% target; I don't want us to get to a place where inflation stalls out because we haven't been restrictive for long enough, so I'm going to be patient.”

"If the economy continues to evolve as it does — if inflation continues to fall, labor markets remain robust, and we still see positive production — we will be able to continue on the path back to neutral.”

"A recession has never been in my outlook.”

 "I've always felt that there was enough momentum in this economy to absorb the restrictiveness of our policy and drive inflation back down to its 2% target. I'm grateful that that's been playing out so well. But the job is not done.”