PiCK
Chicago Fed President: "Progress on inflation has stalled… 3% isn’t good enough"
Summary
- Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said progress on inflation has stalled, adding that it is difficult to be confident that current monetary policy is sufficiently restrictive.
- He said he is optimistic about the possibility of additional rate cuts this year, but will not proceed until he is confident that inflation is moving toward the target.
- He stressed that 3% inflation is not a good enough level, underscoring the importance of inflation returning to the Fed’s 2% target.
Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said the disinflation trend has stalled, adding that it is difficult to be confident that current monetary policy is sufficiently restrictive.
According to Walter Bloomberg on X (formerly Twitter) on the 24th, Goolsbee said, “Progress on inflation has stalled,” and added, “It’s not clear that current Fed policy is actually restrictive.”
He left the door open to potential rate cuts. Goolsbee said he is “optimistic that additional rate cuts could be possible this year,” but not until there is confidence that inflation is moving toward the target.
He also noted that “3% inflation isn’t a good enough level,” reiterating that it is important for inflation to return to the Fed’s 2% target.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
