Chicago Fed President Goolsbee 'a little wary' about cutting interest rates too quickly

Core Viewpoint - The Chicago Federal Reserve President Austan Goolsbee expresses caution regarding rapid interest rate cuts due to rising inflation and deteriorating employment conditions [1][2]. Group 1: Inflation and Employment - Goolsbee highlights an uptick in inflation alongside deteriorating payroll job numbers, creating a challenging situation for the Federal Reserve as both sides of its dual mandate are under pressure [2]. - The Federal Open Market Committee (FOMC) voted to lower the benchmark interest rate by a quarter percentage point in September, with indications of potential further cuts before year-end [2]. Group 2: Economic Outlook - Goolsbee, a voting member of the FOMC, acknowledges concerns about inflation and employment but notes that data suggests a stable labor market [3]. - He believes the underlying economy can support gradual interest rate reductions over time from current levels [3].