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Fed moved too slowly to combat inflation in pandemic
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There’s a lot of blame to go around for pandemic inflation surge
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Services inflation not yet under control
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Best thing about recent inflation data shows possible waning of tariff impact
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Expects to see Fed rate cuts this year, but needs data to affirm outlook
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Rates can still go down a fair amount but need firm evidence of inflation retreat
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The most important thing facing Fed is need to get inflation back to 2%
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There is still strength in jobs and overall growth is good
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Data points to stability in job market
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I’m not surprised by low claims data
Chicago Fed President Austan Goolsbee indicated in a CNBC interview that while several interest rate cuts remain possible this year, the central bank requires further “tangible” evidence that inflation is sustainably returning to its 2% target. While he noted progress in recent consumer price data—partially attributing some cooling to the waning impact of tariffs—he warned that services inflation remains “not tamed”
