On July 3, Federal Reserve's Bostic stated on Thursday that the high inflation in the United States may persist for some time, which could seep into consumer psychology, and businesses may need a year or longer to adapt to changes in trade and other policies that are occurring. This implies a reason to remain patient before interest rate cuts. He said: "The main conclusion is that the adjustments in prices and the broader economy to the changes in U.S. trade and other upcoming policies, as well as geopolitical developments, will not be a transient and simple one-time price change as implied by standard textbook models." "On the contrary, it increasingly looks like a process that may take a year or longer to fully resolve." "If I am correct, then the U.S. economy may experience a longer period of high inflation." Bostic mentioned, "I expect prices will not soar significantly, but will rise steadily," which may seep into consumer inflation expectations, posing a greater challenge for the Federal Reserve.