Atlanta Fed's Bostic expects five more interest rate hikes in 2022

In remarks to the National Association of Business Economists, Atlanta Fed President, Raphael Bostic, said the Fed's estimate of the "neutral" rate stood at 2.4%.

Bostic also advised against pursuing an "extremely aggressive rate path" due to the uncertainty triggered by the war in Ukraine.

"The elevated levels of uncertainty are front forward in my mind and have tempered my confidence that an extremely aggressive rate path is appropriate today," he said.

Inflation would not decline in spring as he had previously expected, but there was now the risk that demand might falter due to the combination of the invasion and interest rates, he added.

Weaker demand might "exacerbate an already difficult situation," he added.