Federal Reserve Bank of Atlanta President Raphael Bostic said he backs raising rates by a further 1.25 percentage points by the end of this year to counter inflation that has been worse than he expected. “The lack of progress thus far has me thinking much more now that we have to get to a moderately restrictive stance,” he told reporters Wednesday via a telephone conference call. “And for me, that is in the 4.25% to 4.5% range for our policy. My preference is that we get there by year end.” Fed officials raised interest rates by 75 basis points on Sept. 21 for the third straight meeting, bringing the target for the ... (full story)