Austan Goolsbee, President of the Federal Reserve Bank of Chicago, said Thursday that the continuation of sharp price increases in the real estate services sector is the main obstacle to the Federal Reserve reducing inflation to its target rate of 2 %.
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“If housing inflation does not go down, it would be very difficult to return inflation to 2%.”
“I expected it to go down faster than it has.”
“Housing inflation is my most valuable indicator for the immediate future.”
“Inflation of basic services without housing has fallen more than expected.”
“The inflation data for the last two months is a blip; it cannot be dismissed as pure noise.”
“The risks to inflation and employment mandates have been better balanced.”
“If we continue to be restrictive for too long, employment is likely to start to deteriorate.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
