Hawkish Views from Chicago Fed President Goolsbee on Favorable Interest Rate Policy
Cautionary Remarks by Chicago Fed President Goolsbee
Chicago Federal Reserve President Austan Goolsbee said that the US may be less willing to support further reductions in borrowing costs in the period ahead. This sends an important signal to investors.
Warnings on Inflation and Rate Cuts
In an interview with the Financial Times, Goolsbee said, "I am uncomfortable about bringing forward rate cuts on the assumption that inflation will be temporary." Underlining that inflation is running above the Fed's 2% target, Goolsbee described the current economic situation as "heading in the wrong direction right now."
Observations on the Labor Market
Despite signs of a cooling economy, Goolsbee emphasized that the employment data indicate only a "moderate" slowdown, and that overall there is a "stable and robust job market."
Trump's Policies and Future Rate Cuts
Goolsbee criticized former US President Donald Trump for refraining from supporting more aggressive rate cuts, linking them to his trade policies. On the other hand, San Francisco Fed President Mary Daly said that further rate cuts may be on the table, but that they should be carefully considered.
Reflections on Policy Adjustments
"Additional policy adjustments may be necessary to restore price stability while providing needed support to the labor market," Daly said in a speech at the University of Utah. These remarks offer important clues about the central bank's policy path.
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Chicago Fed, Austan Goolsbee, inflation, interest rate cuts, employment
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