Federal Reserve Bank of Chicago president Austan Goolsbee on Friday said 'more sniffing' is needed before the Fed can cut interest rates. Here's what to know.
The path to 2% inflation is "more difficult" in 2024, Federal Reserve Bank of Chicago president Austan Goolsbee said on Friday.
The first three readings for this year indicate covering the remaining distance to 2% "may not be as rapid," he added.on the direction of the economy before the Fed moves to cut rates, said Goolsbee, who is a nonvoting member this year of the rate-setting Federal Open Market Committee. "If you are unclear, stop walking and start sniffing," he said. "And with these numbers, we need to do more sniffing."
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