Federal Reserve Bank of Atlanta President Raphael Bostic said he wants to see more evidence inflation is on track toward the central bank’s 2% target, repeating that he doesn’t expect policymakers to cut interest rates until the third quarter.

“My outlook right now is for our first cut to be sometime in the third quarter this year and we’ll just have to see how the data progress,” Bostic said in remarks to the Metro Atlanta Chamber’s board of directors on Thursday.