Chicago Federal Reserve President Austan Goolsbee said on Monday that central bank policymakers will 'fix' the U.S. economy if it starts to deteriorate.
Chicago Federal Reserve President Austan Goolsbee on Monday said that central bank policymakers will respond to any weakness in the U.S. economy as renewed recession fears sparked a broad market sell-off. Goolsbee also indicated that interest rates may be too restrictive right now, though he declined to say whether policymakers would consider making an emergency rate cut. "The Fed’s job is very straightforward: maximize employment, stabilize prices and maintain financial stability.
Over the past three months, the unemployment rate has averaged 4.13%, which is 0.63 percentage points higher than the 3.5% rate recorded in July 2023. The Sahm rule has successfully predicted every recession since 1970. Goolsbee said he does not believe the economy is currently in a recession, despite the surprisingly weak jobs data. "Jobs numbers came in weaker than expected, but not looking yet like recession," he said.
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