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Fed: It makes sense to wait for more clarity before acting – Austan Goolsbee

Federal Reserve Bank of Chicago President Austan Goolsbee argued Friday that it would make sense to wait until the outlook for inflation is clearer before taking policy action.

Main conclusions

“Inflation progress in the US has stalled.”

“The Fed's current tight monetary policy is appropriate.”

“The appropriate Fed policy going forward will depend on the data.”

“There is still hope that inflation will improve again in the coming months.”

“The persistence of high inflation in the real estate sector is the main problem in the short term.”

“There is more room to advance inflation in services due to the increase in labor supply.”

“We must determine whether the strong GDP and employment figures are a sign of overheating that is driving up inflation.”

“Not all data suggest an overheating of the labor market.”

Market reaction

The US Dollar Index remains in negative territory near 106.00 following these comments.

Source: Fx Street

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