Fed’s Goolsbee Praises Disinflation, Says More Progress Needed

fed’s goolsbee praises disinflation, says more progress needed

Austan Goolsbee

(Bloomberg) -- Federal Reserve Bank of Chicago President Austan Goolsbee welcomed the slowdown in price growth in April but said there’s still room for more disinflation.

Speaking Wednesday following a release that showed price growth excluding food and energy slowed in April for the first time in six months, Goolsbee signaled he’d like to see more such reports before supporting rate cuts.

Inflation showed “some improvement from last time, pretty much what we expected, but still higher than we were running for the second half of last year,” Goolsbee said in an interview on the Marketplace radio program. “So there’s still room for improvement.”

The Chicago Fed chief, who doesn’t vote on policy this year, called the disinflation path bumpy and pointed to housing inflation as a key indicator he’s watching.

Fed officials have pushed out expectations for the first interest rate cut, emphasizing a need to keep borrowing costs elevated for longer amid disappointing inflation prints.

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