Chicago Fed President Austan Goolsbee, in an interview with CNBC today, highlighted the clear progress made in curbing inflation and cooling the labor market over the past 12 to 18 months.
“The overall trend… is clearly that inflation has come down a lot and the job market has cooled to a level which is around where we think full employment is,” Goolsbee stated.
Looking ahead, he noted there is broad consensus among policymakers that interest rates will need to drop a “fair amount” over the period.
However, in the near-term, Goolsbee expects more “close call” meetings for FOMC as members navigate through sometimes conflicting economic data.
