Chicago Fed Pres. Goolsbee: Progress on US inflation has installed

Chicago Fed Pres. Goolsbee is speaking and says:

• Progress on US inflation has stalled.
• Makes sense to wait to get more clarity before moving on rates
• Feds current restrictive monetary policy is appropriate
• Proper Fed policy going forward, will depend on the data.
• Still helpful for return to improvement on inflation in months ahead
• Persistently high housing inflation is made short one problem.
• These more space for progress on services inflation from labor supply increases.
• Need to determine if a strong GDP, jobs numbers are a sign of overheating that is driving up inflation.
• Not all data suggests labor market overheating.

Goolsbee is considered more of a dove, but has shifted from that view more recently.

He gets in line with other Fed officials in saying that the Fed is likely to cut in 2024.

This article was written by Greg Michalowski at www.forexlive.com.