All articles tagged with #austan goolsbee
Federal Reserve officials, including Austan Goolsbee, discussed higher-than-expected inflation readings and the broader outlook for price growth in moderated discussions and speeches, with Goolsbee noting that the recent inflation data likely doesn't alter the overall perspective on cooling price growth. Other officials such as Loretta Mester and Neel Kashkari also participated in the discussions.
Chicago Fed President Austan Goolsbee described the January job report as "almost breathtaking" on the surface, but cautioned that underlying details were not as strong. He noted a decline in hours worked despite the increase in net new jobs and refrained from speculating on potential interest rate cuts. Goolsbee emphasized the Fed's transparency and data-driven decision-making, addressing concerns about political influence on interest-rate decisions. The stock market finished higher, and the 10-year Treasury yield jumped above 4% following the release of the jobs report.
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.
Austan Goolsbee, President of the Federal Reserve Bank of Chicago, discusses the economy and the possibility of interest rate cuts in response to slowing inflation. Goolsbee emphasizes the importance of meeting the dual mandate of maximizing employment and stabilizing prices. While progress has been made, he cautions that it is too early to declare victory and that inflation needs to be brought down to target levels. Goolsbee also acknowledges concerning data points such as increasing homelessness and delinquencies in credit card debt and small business lending. He highlights the need to monitor geopolitical risks and external shocks that could impact the economy.
Federal Reserve Bank of Chicago president Austan Goolsbee has stated that "nothing is off the table" regarding the September rate decision, indicating that he hasn't made up his mind on whether to raise interest rates or halt the hiking process. Goolsbee emphasized the Fed's goal of maintaining a stable economy without causing a recession and expressed optimism about the latest data on inflation, which showed a decrease in the Personal Consumption Expenditures (PCE) Index. He also highlighted the importance of upcoming observations on inflation and the job market before the September meeting. Goolsbee is encouraged by stable credit conditions and believes that progress in reducing services inflation is an unexpected bonus.
Chicago Federal Reserve Bank President Austan Goolsbee has welcomed the news of a deal to suspend the US debt ceiling, saying that failure to forge an agreement would be "extremely negative" for the financial system and broader economy. He declined to say whether he would support an interest-rate hike at the Fed meeting on June 13-14, saying that the full impact of central bank rate increases to date had yet to be felt.
Chicago Federal Reserve President Austan Goolsbee said recent economic data shows positive developments on the inflation front, but warned against following "lagging" indicators like wages. He noted there's "clear stickiness" in some areas of pricing and said the U.S. could experience a recession. Goolsbee said the stress in the financial sector following the industry crisis can help do the work that monetary policy typically does. The potential for a credit crunch should also be watched.