Fed's Goolsbee
Fed's Goolsbee

Chicago Fed Pres. Goolsbee is speaking and says:

  • Progress on US inflation has stalled.
  • Makes sense to wait to get more clarity before moving on rates
  • Feds current restrictive monetary policy is appropriate
  • Proper Fed policy going forward, will depend on the data.
  • Still helpful for return to improvement on inflation in months ahead
  • Persistently high housing inflation is made short one problem.
  • These more space for progress on services inflation from labor supply increases.
  • Need to determine if a strong GDP, jobs numbers are a sign of overheating that is driving up inflation.
  • Not all data suggests labor market overheating.

Goolsbee is considered more of a dove, but has shifted from that view more recently.

He gets in line with other Fed officials in saying that the Fed is likely to cut in 2024.