MNI BRIEF: Fed's Goolsbee Sees A Lot Of Cuts Over Next Year

MNI (WASHINGTON) - U.S. interest rates are "well above" where they need to be over the medium term and are set to fall significantly over the next year or more, Federal Reserve Bank of Chicago President Austan Goolsbee said Monday.    

"If you look at the new inflation numbers, they're coming in relatively pretty close to target. And if you look at the unemployment rate and the job market, we got back to a steady state kind of a sustainable level that's close to what we think of as full employment," he said in a Fox Business interview, also citing "cautionary indicators" on the health of the labor market. 

"We've got to start moving when the conditions are like that," he said. 

"This is a process over a year or more that we're trying to get the rates down to normal to keep conditions at this decent dual mandate situation," he said. "It's going to be a lot of cuts." (See: MNI INTERVIEW: Fed Cuts Expected To Bolster Jobs - UMich)