Goolsbee Says Fed Less Reactive Than Markets, Won’t Overreact
- Weak jobs report helped spur market rout, calls for rate cuts
- Chicago Fed chief says jobs numbers don’t look like recession
Austan Goolsbee
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Federal Reserve Bank of Chicago President Austan Goolsbee reiterated the central bank’s job is not to react to one month of weaker labor data, adding markets are much more volatile than Fed actions.
A worse-than-forecast US jobs report Friday, which capped a soft week of data, spurred recession concerns and helped drive a global stocks rout. Goolsbee said there are some cautionary indicators — like the rise in consumer delinquencies — but economic growth continues at a “fairly steady level.”