“Wage growth now is greater than inflation,” Bostic says. “But I don’t think people feel like they’ve caught up all the way and that’s just going to take some time.”

Raphael Bostic says the Fed needs to stay focused on its goal of slowing down the economy and reducing inflation to its 2% target.

“Flexible” prices, like those for gas and produce, may not track inflation trends as well their “sticky” counterparts, like shelter and dining out.

While Amazon and Home Depot are doing well, small businesses are not. “There really is a split going on, and disparities are getting wider,” he says.

Raphael Bostic discusses the challenges of the economy and racial inequality.