Chicago Fed President Austan Goolsbee at an even today that inflation would “still be consistent” with the path to 2% target even if it “comes in a bit higher for a few months”.
He emphasized that rate cuts should be tied to “confidence in being on a path toward the target”, and rejected to wait until inflation actually hit 2% before beginning to cut rates.
“I think it’s worth acknowledging that if we stay this restrictive for too long, we will start having to worry about the employment side of the Fed’s mandate,” he added.
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