Despite lower wage gains, Raphael Bostic says Fed must "keep the course."

By The Exchange Team

Raphael Bostic, President of the Atlanta Federal Reserve, spoke about monetary policy on Friday.

He said that December's jobs report, with its wage decline and improved job growth, doesn't affect his perspective on monetary policy.

The central bank official expects the Fed's benchmark funds rate to rise above 5% for a long time.

Bostic told CNBC's Steve Liesman at a New Orleans conference that it didn't change his stance at all.

The Labor Department reported 223,000 new nonfarm jobs in month and a 3.5% unemployment rate.

That came in a little bit better than the forecasts for 200,000 and 3.7% respectively.

More importantly, the average hourly wage grew just 0.3% for the month and 4.6% from a year earlier, below expectations.