Fed's Goolsbee
- I don't like tying our hands for any meeting but Fed funds minus inflation is as high as it's been in decades
- Inflation is on a path to 2%
- We're the tightest we've been in this cycle, even though we stopped hiking last July
- Fed forecasts show widespread support for rate cuts
- It's hard to put a specific number on where neutral is
- By almost all measures the job market has been cooling
- The market does not believe we're going to be stuck at 3% or 2.5%
There isn't much new here from Goolsbee but he certainly supported the spirit of Powell's speech.