In an interview with MarketWatch, Chicago Fed President Austan Goolsbee indicated that the current economic data justifies multiple interest rate cuts, with the process beginning soon.
Goolsbee pointed out that inflation is coming down “very significantly,” while the unemployment rate is “rising faster,” suggesting a cooling labor market.
He expressed concern that the persistent weakness in the job market could “turn into something worse” if the trend continues.
Given the balance of more favorable inflation data and deteriorating unemployment figures, Goolsbee suggested that the path forward is “not just rate cuts soon,” hinting at a sustained easing cycle by Fed.
