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Goolsbee Cautions On Waiting To Cut Rates On Strong Hiring

FED
  • Chicago Fed's Goolsbee ('25 voter) has given an interview to the WSJ, discussing today's nonfarm payrolls report (see here):
  • "We wouldn't want to make much of any one month, but the continued strength of the labor market, if that continues, would lessen my worry that the job market side of our mandate is deteriorating".
  • Still, despite the brisk hiring numbers, weakness in overall hours worked suggests that "this wasn't as strong as that headline number suggested," Goolsbee said.
  • On productivity: Stronger hiring could lead some observers to argue the Fed can wait to cut rates. But "you can't really do that if there are positive supply shocks working their way through the system," said Goolsbee. "That will give you a misleading answer as to what's happening" in the economy.

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