Chicago Fed President Cautions Against Premature Inflation Victory Declarations
Chicago Federal Reserve Bank President Austan Goolsbee cautions that it is too early to declare victory on inflation, despite signs of easing inflationary pressures. Goolsbee emphasizes the importance of data in determining future interest rate decisions and highlights the need to bring inflation down to the target level. He also mentions concerning economic data, such as rising homelessness and delinquencies in credit card debt, auto lending, and small business lending. Goolsbee acknowledges that geopolitical risks and external shocks could pose threats to the economy. The Federal Open Market Committee (FOMC) projects at least three rate cuts in 2024 and additional cuts in 2025 and 2026.
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- Transcript: Austan Goolsbee, president of the Federal Reserve Bank of Chicago, on "Face the Nation," Dec. 17, 2023 CBS News
- Chicago Fed president says ‘too early to declare victory’ on economic ‘soft landing’ The Hill
- Chicago Fed's Goolsbee Says Fed May Need to Shift Its Focus to Jobs The Wall Street Journal
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