Federal Reserve (Fed) Bank of Atlanta President Raphael Bostic noted on Tuesday that his overall outlook on the US labor market remains positive despite an upturn in the unemployment rate.

Key highlights

The balance of risks in the economy is getting back to level.

Our rate posture is restrictive.

Recent inflation data gives me more confidence we can get back to 2%; I want to see a little more data.

We need to make sure the inflation trend is real.

If the economy evolves as I expect, there would be rate cut by the end of the year.

It would be really bad if we cut rates and then had to raise them again.

I am willing to wait for first rate cut but it is coming.

Housing inflation has come down in an important way the last couple of months.

The unemployment rate in grand scheme of things is still historically low.

We still have a strong, solid labor market.

A recession is not in my outlook.

We need to make sure we don't go from a hot labor market to a freezing cold one.

The labor market can slow but without considerable concern.