Fed's Goolsbee (2028 Voter) says he's not surprised by low initial jobless claims numbers; Chicago Fed data showed stability in the labour market
Importance
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- Low-hiring, low-firing environment does highlight business uncertainty.
- Growth has been pretty solid, driven by AI and consumer spending.
- Reiterates that the most important thing is getting inflation back to 2%.
- "Rates can still go down a fair amount".
- See rates lower down at the end of the year, than they are now.
- Within the CPI and PPI data, there is some encouragement, but are still things that get his attention.
- Recent inflation data shows a possible waning of the tariff impact.
- Non-housing services is disturbing, and healthcare inflation is also discouraging.
- Expects to see Fed rate cuts this year, but needs data to affirm outlook.
- Agrees with Powell's argument over investigation into Fed.
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