Fed’s Goolsbee: Inflation has been above target for four and a half years
Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee said on Friday that waiting would have provided the benefit of the updated economic data, and most data show stable economic growth, with the labor market only moderately cooling.
Key takeaways
Goolsbee dissented over the rate cut because he believed the Fed should wait for more information, particularly about inflation.
There is little to suggest the labor market is decaying so fast that the Fed could not have waited until early 2026 to cut rates again.
Inflation has been above target for four and a half years, progress has stalled, and businesses and consumers cite prices as a main concern.
Higher current inflation may have come from tariffs and could prove transitory, but the danger is that it becomes more long-lasting.
Waiting would have been the more prudent course and would not have entailed much additional risk.
Most data show stable economic growth, with the labor market only moderately cooling.
There is still optimism that rates can come down significantly over the next year, but there are concerns about front-loading given the inflation of the last several years."
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.12% | 0.13% | 0.28% | -0.07% | -0.02% | 0.00% | 0.14% | |
| EUR | -0.12% | 0.02% | 0.16% | -0.19% | -0.14% | -0.11% | 0.02% | |
| GBP | -0.13% | -0.02% | 0.15% | -0.20% | -0.15% | -0.13% | 0.00% | |
| JPY | -0.28% | -0.16% | -0.15% | -0.32% | -0.28% | -0.26% | -0.12% | |
| CAD | 0.07% | 0.19% | 0.20% | 0.32% | 0.04% | 0.06% | 0.21% | |
| AUD | 0.02% | 0.14% | 0.15% | 0.28% | -0.04% | 0.02% | 0.16% | |
| NZD | -0.01% | 0.11% | 0.13% | 0.26% | -0.06% | -0.02% | 0.13% | |
| CHF | -0.14% | -0.02% | -0.00% | 0.12% | -0.21% | -0.16% | -0.13% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
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