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.
