Atlanta Fed President Raphael Bostic said Wednesday the Great Recession caused people to distrust long-term investments.
"There is a psychology going on here, where the Great Recession was so deep and it scarred people so significantly that they are reluctant to trust in long-term investments," Bostic said in a wide-ranging interview on CNBC's "Squawk Box."
Regarding politics, Bostic said it appears U.S. businesses were optimistic before President Donald Trump and didn't change their plans when he was elected.
They took a "wait and see attitude," he said.
Bostic also said he wouldn't "anchor" on the Trump administration's target of 3 percent GDP growth. Trump pledged to drive U.S. economic growth above 3 percent through tax reform, deregulation and other pro-business policies. Many economists expect growth of around 2 percent.