Goolsbee said he's confident inflation can be tamed without a recession, even with additional rate increases likely.
Chicago Federal Reserve President Austan Goolsbee said Friday he's confident inflation can be tamed without a recession, even with additional interest rate increases likely., he said the ongoing job growth is part of the Fed's "golden path" toward restoring price stability without taking the economy.
Economists, including those working at the Fed, see credit contraction leading to at least a modest recession later this year or early in 2024. "Overall, the jobs market is outstanding and is getting back to a balanced, sustainable level," Goolsbee said.Following the June meeting, a strong majority of Federal Open Market Committee officials indicated in their updated quarterly projections thatrate hikes before the end of 2023. Though Goolsbee said he is confident the that inflation is ebbing, he also sees more tightening as likely.
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