Raphael Bostic, president of the Atlanta Fed, said policymakers should be cautious and prefer to keep interest rates high in order to achieve the price stability objective, given the uneven progress in fighting inflation. In a podcast recorded on December 9 and released on Tuesday, Bostic said his expectation was that inflation would continue to decline gradually this year, on track to reach the Fed's 2 per cent target, and that inflationary pressures would subside, although at times it looked like progress was stalling or prices were rising faster. "Given the volatility in inflation indicators, I think policymakers should be more cautious," Bostic said. "I want to make sure we are getting the right signals and that our policies are calibrated in a timely manner against that right signal. If I have to be wrong, I'd rather be wrong about high interest rates, "Mr. Bostic said in a podcast." I want to make sure inflation gets to 2 per cent, which means we may have to keep policy rates higher than people expect for a longer period of time. "