Fed’s Goolsbee says fall FOMC meetings will be “live”

Chicago Fed President Austan Goolsbee said overnight that the next few months will bring “live” policy meetings, as the Fed faces one of the hardest tasks in central banking—getting the “timing” right during “moments of transition”.

Goolsbee expressed caution over assuming the inflationary impact of tariffs will fade quickly, preferring to wait for upcoming wholesale and consumer price data before deciding on the need for a rate cut.

On jobs, Goolsbee downplayed the signal from recent payroll slowing, suggesting it may reflect reduced immigration rather than a broad cooling. With unemployment at 4.2%, “I think the state of the labor market is pretty strong, pretty solid,” he said.