Chicago Federal Reserve President Austan Goolsbee spoke Monday morning on CNBC's 'Squawk Box' program.
Chicago Federal Reserve President Austan Goolsbee on Monday vowed that the central bank would react to signs of weakness in the economy and indicated that interest rates could be too restrictive now.
"The Fed's job is very straightforward, maximize employment, stabilize prices and maintain financial stability. That's what we're going to do," the central bank official said during an interview on CNBC's "Squawk Box" program. "We're forward-looking about it. So if the conditions collectively start coming in like that on the through line, there's deterioration on any of those parts, we're going to fix it.
He also said, though, that Fed policy is restrictive now, a position it should only be in if the economy looks like it's overheating. The central bank has kept its benchmark rate in a range between 5.25%-5.5% since July 2023, the highest level in some 23 years.
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