Chicago Fed President Goolsbee: It's Premature to Declare Victory Over Inflation
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.