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15.05.2023

Chicago Fed president Goolsbee: There is still a lot of the impact of previous rate hikes that is still to come

Chicago Federal Reserve Bank president Austan Goolsbee noted on Monday that there is still a lot of the impact of previous rate hikes that is still to come.

Also, the official called his decision to vote for a rate increase at the Fed's meeting last week a close call given the recent stresses in the banking sector. Goolsbee added that the Fed is now focused on the size at which banking stress is filtering through to the rest of the economy. "We need to take it into account, and sit and watch it," he said.

Goolsbee noted that inflation is improving, but not rapidly, and the labor market is still strong.

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