Chicago Fed's Goolsbee Says Fed Is Failing to Meet Price Stability Mandate
JH Kim
Summary
- Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said the Federal Reserve is failing to meet its policy goal of price stability.
- Goolsbee said the Fed is not fulfilling its mandate on the price stability side in relation to its monetary policy responsibilities.
- He did not comment on the future direction of benchmark interest rates or any specific policy response.
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Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said the Federal Reserve is failing to meet its policy goal of price stability.
Walter Bloomberg reported on November 12 that Goolsbee, discussing the Fed's monetary policy mandate, said the central bank "is not fulfilling its mandate on the price stability side."
The Fed's two mandates are price stability and maximum employment. Goolsbee's remarks focused on the price stability side of that dual mandate.
He did not comment on the future path of benchmark interest rates or outline any specific policy response.
JH Kim
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