Appearing in CBS’s Face the Nation on Sunday, Chicago Fed President Austan Goolsbee acknowledged the significant progress made in 2023 but tempered expectations with a note of caution, emphasizing that the fight against inflation is far from over. His stated, “I still caution everyone, it’s not done”. As he also noted, “data is going to drive what’s going to happen to rates,”
Discussing the scenario of “soft landing” for the economy, Goolsbee expressed caution, deeming it premature to claim victory in this regard. He projected that 2023 would likely witness a significant reduction in inflation, coupled with a stable unemployment rate. Referring to this balance as “the golden path”.
In his words, Goolsbee conveyed a message of continued vigilance. He cautioned against premature celebration, using the metaphor of “counting the chickens” to emphasize the need for consistent evidence of economic recovery.
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