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WASHINGTON, Sept 28 - The U.S. Federal Reserve may be on the cusp of"something rare" by lowering inflation without a major blow to jobs and growth, and must be"extra careful" about relying too much on the history of past inflation fights in plotting further policy moves, Chicago Fed President Austan Goolsbee said on Thursday.
Goolsbee's remarks, prepared for delivery at the Peterson Institute for International Economics in Washington, did not explicitly say he opposed any further interest rate increases, but were stuffed with cautionary language about the risks of misreading the current situation.Goolsbee said that longstanding views about what it will take to finish the inflation battle may no longer apply, and he cited recent Chicago Fed staff research indicating inflation could reach the U.S.
The inflation that erupted in 2021 was largely driven by supply shocks and labor shortages that have gradually eased, he said, making it less necessary to discourage demand with high interest rates, and damaging jobs and growth in the process.
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