Although inflation is still high, the Federal Reserve Board may be in a position to cut interest rates in the fourth quarter of this year, Bloomberg reported.

Speaking at the Thirteenth Annual American Economic Association (AEA) Conference on Teaching and Research in Economic Education on May 29, Atlanta Federal Reserve Bank President Raphael Bostic said, “We still have a ways to go” to curb the significant price growth seen over the last few years," according to Bloomberg.

“My outlook is that if things go according to what I expect—inflation goes slowly, the labor market slowly and orderly moves back into a sort of a weaker stance, but a stable-growth stance—I’m looking at the end of the year, the fourth quarter, as the time where we might actually think about and be prepared to reduce rates,” he said.

He added that many of the different measures of inflation he sees on his dashboard “are moving back into the target range."