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FED: Goolsbee States Data Justifies Multiple Rate Cuts - DJ/Market Watch

FED

Headlines from Chicago Fed President Goolsbee have crossed, per an interveiw with DJ/MarketWatch. The Chicago Fed President states that current economic data trends justify multiple Fed cuts and that the central bank should start soon in terms of the easing cycle. Some of the key quotes are outlined below. 

  • "The long arc shows inflation is coming down very significantly, and the unemployment rate is rising faster" than Fed officials had expected in June, Goolsbee said."
  • "Given the more favorable inflation data and the less favorable unemployment data, "it is pretty clear that the path is not just rate cuts soon," Goolsbee said, but multiple cuts over the next 12 months, as the Fed has projected in its most recent dot plot."
  • ""If we remain tight for too long, we are going to have to deal with the employment side of the mandate," Goolsbee said, meaning that higher rates will damage the labor market." 

 

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USGlobalEM BulletCentral Bank NewsFederal ReserveAPACEmerging Market NewsBulletSouth KoreaMarketsFixed Income BulletsForeign Exchange BulletsRegionNorth America

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