Central Banks
CPI Data Are Evidence Inflation on 2% Path, Fed’s Goolsbee Says
- Chicago Fed president calls Thursday’s CPI report ‘excellent’
- Says economy not overheated, Fed is tightening by not moving
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Federal Reserve Bank of Chicago President Austan Goolsbee described the latest inflation data as “excellent,” adding the figures provided the evidence he’s been waiting for to be confident the central bank is on a path to its 2% goal.
Goolsbee declined to offer guidance on the timing of the first interest-rate cut. Still, he emphasized the importance of the deceleration in shelter inflation in recent months, calling it “profoundly encouraging.” The Chicago Fed chief has been closely watching that category to determine when the central bank should lower borrowing costs.