Yahoo Sports

Fed's Goolsbee: Progress in inflation fight has 'stalled'

Chicago Fed President Austan Goolsbee says the progress the central bank had been making in bringing down inflation has "stalled." As a result, he thinks it "makes sense" to wait on rate cuts. In remarks prepared for a speech before the Society for Advancing Business Editing and Writing's annual conference, Goolsbee says "So far in 2024, that progress on inflation has stalled. You never want to make too much of any one month’s data, especially inflation, which is a noisy series, but after three months of this, it can’t be dismissed." Goolsbee's pivot is notable given that he has been one of the more dovish members of the Federal Reserve. Yahoo Finance Federal Reserve Reporter Jennifer Schonberger reports the details. For more expert insight and the latest market action, click here to watch this full episode. This post was written by Stephanie Mikulich.