Fed President Points to Several ‘Warning Signs’ for Economy

Published on June 24, 2024

The president of the Federal Reserve Bank of Chicago said that he’s hopeful that inflation will continue to come down while pointing to several warning signs for the economy, such as cooling consumer spending, a key economic driver. Federal Reserve Bank of Chicago President Austan Goolsbee said in a June 24 interview on CNBC that he’s “closet optimistic that we’re going to see improvement” on the inflation front, adding he needs “a little bit more confidence” that price pressures are indeed coming down after several higher-than-expected readings in recent months. He said policymakers need to weigh whether the relatively high level of the Fed’s benchmark interest rate, now within a range of 5.25 to 5.5 percent, is appropriate for an economy that’s starting to show patches of softness....

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