Chicago Federal Reserve President Goolsbee opposes interest rate cuts, stating that more data is needed for support
Chicago Federal Reserve President Goolsbee opposes the recent interest rate cuts by the Federal Reserve, citing that inflation remains persistently above target and progress has stalled. He believes that more economic data should be awaited to make prudent decisions. Although he is optimistic about interest rate cuts in the coming year, recent inflation data has made him more cautious about short-term cuts
Chicago Federal Reserve President Goolsbee opposes the Federal Reserve's decision to cut interest rates, as he prefers to wait for more economic data.
Goolsbee stated that, given inflation has been above target levels for four and a half years and progress has stalled in recent months, almost all businesses and consumers he has communicated with view prices as a primary concern. He believes a more cautious approach is to wait for more information.
Goolsbee remains optimistic about a rate cut in the coming year, but recent inflation data has made him more cautious about a rate cut in the near term.
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