Overall trend is clearly that inflation has come down a lot

In an interview with CNBC on Thursday, Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted that inflation came in around expectations with an improvement on the housing front, per Reuters.

Key takeaways

“Overall trend is clearly that inflation has come down a lot.”

“Job market has cooled to a level of full employment.”

“We’ve shifted now to a more normal, balanced-risk environment.”

“We have to think about both sides of Fed mandate.”

“It’s been a series of close-call type meetings.”

“Probably will be more close Fed meetings.”

“We want to not get ahead, or behind.”

“Still got a lot of data coming in, trying to figure out what’s going on, nothing’s ever not on the table.”

“Fed minutes at moments of transition often show diversity of thought at the Fed.”

“Fed has to take longer view.”

“Fed projections show vast majority believes over next 12-18 months conditions continue to improve, rates gradually come down a fair amount.”

“Data-dependent doesn’t mean basing decisions on last month’s data, need longer through line.”

Market reaction

These comments failed to trigger a noticeable market reaction. At the time of press, the US Dollar Index was unchanged on the day near 102.90.

Source: https://www.fxstreet.com/news/feds-goolsbee-overall-trend-is-clearly-that-inflation-has-come-down-a-lot-202410101422