Fed's Goolsbee
- There are still a couple of question marks about over-indexing on individual jobs months
- There was a very big jobs growth in private sector retail hiring, is that a sign of a stronger consumer or a one-off?
- I don't see the jobs market as a source of inflation
- Inflation rate in the past six months has been 1.9% annualized
- The rise in long rates is from higher than expected growth and expected slower pace of fed cuts
- In 12-18 months, rates will be a fair bit lower if current expectations are met
- The current high annual inflation rates largely reflect the uptick of early last year, wrong to say there has not been recent progress
- So far do not see evidence of overheating in recent months
- It's very important to watch productivity numbers
Goolsbee is a dove and he certainly didn't shift in this interview.
