A top Federal Reserve official has warned against launching a series of rate cuts, saying a sharp slowdown in the jobs market is not a sign that a recession is looming.
Austan Goolsbee backed the quarter-point reduction to US borrowing costs at last week’s Federal Open Market Committee meeting. But the Chicago Fed president told the Financial Times that he could be less willing to support further cuts at forthcoming policy votes.
“I’m uncomfortable with overly frontloading a lot of rate cuts on the presumption that [inflation] will probably just be transitory and go away,” he said, adding that many midwest businesses are still concerned that inflation was not under control.
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