Federal Reserve Bank of Chicago President Austan Goolsbee on Friday marked the latest inflation report as “excellent.” Goolsbee further stated that the reports prove that the central bank is on track to meet its 2% target.
Key quotes June CPI report 'excellent,' improvement on shelter inflation 'profoundly encouraging’. I think this is what the path to 2% looks like. As inflation falls, leaving Fed policy rate steady means Fed is tightening policy. The reason to tighten policy would be if economy is overheating. We are not overheating. Labor market is cooling, still strong. It doesn't feel like the beginning of a recession. Financial conditions are pretty restrictive.
When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback. How often does the Fed hold monetary policy meetings? The Federal Reserve holds eight policy meetings a year, where the Federal Open Market Committee assesses economic conditions and makes monetary policy decisions.
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