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Goolsbee Sees Fed On Golden Path

FED

Chicago Fed’s Goolsbee (’23 voter) maintains his position at the dovish end of the FOMC spectrum when speaking to Yahoo! Finance:

  • It’s “fabulous news” to see inflation coming down with monthly readings coming in “quite good”. Further, service inflation is stickiest but there has been a “nice bonus” of some progress there.
  • He wants to play it by ear on the restrictiveness of the policy with the Fed walking the line pretty well on policy on a golden path.
  • He is undecided on a potential September, unsurprising seeing as he didn’t want to publicly commit to a move ahead of the July decision.
  • FOMC-dated OIS rates have dipped with the remarks but only unwinding an earlier modest increase and are back near unchanged on the day with a cumulative 9bp of tightening to a terminal 5.42% in November.
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