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Recent inflation data was 'bad news,' Fed's Goolsbee says
Goolsbee said the Fed needs more assurance inflation is returning to 2% after the PCE index rose 3.5% in March, Reuters reported.
- Chicago Fed President Austan Goolsbee called recent inflation data "bad news" for the Federal Reserve on Saturday, stating the Fed must remain cautious about rate cuts until inflation begins to recede.
- At its meeting last week, the Federal Reserve held the policy rate steady in the 3.5% to 3.75% range on an 8-4 vote, the most divided Board decision since 1992.
- Disagreements over "forward guidance" fueled the split, while Goolsbee noted the composition of inflation "doesn't look good" amid rising oil prices and geopolitical tensions involving Iran.
- Goolsbee expressed enthusiasm for incoming Fed Chair Kevin Warsh, saying he is "excited" to see his impact while welcoming Fed Chair Jerome Powell's decision to remain a Governor.
- On The Journal Editorial Report, Goolsbee emphasized the Fed requires further assurance that price pressures return toward the 2% inflation target before easing policy, citing the 3.5% annual rate in March.
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Recent inflation data was 'bad news,' Fed's Goolsbee says
Inflation data last week was "bad news" for the U.S. Federal Reserve and means the Fed needs to be cautious about rate cuts until inflation begins to recede, Chicago Fed President Austan Goolsbee said on Saturday.
·United Kingdom
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Goolsbee warns against rate cuts as inflation, oil prices surge
Goolsbee's caution highlights the risk of persistent inflation and geopolitical tensions complicating future monetary policy decisions. The post Goolsbee warns against rate cuts as inflation, oil prices surge appeared first on Crypto Briefing.
Coverage Details
Total News Sources7
Leaning Left1Leaning Right1Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 20%
C 60%
R 20%
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