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[Global Finance] The president of the U.S. Federal Reserve predicts three interest rate cuts this year

2024-03-27

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Austan Goolsbee, President of the Federal Reserve Bank of Chicago, said on the 25th that the fundamentals of declining U.S. inflation have not changed and that the Federal Reserve’s three interest rate cuts in 2024 are in line with expectations.

Goolsby said in an interview with US media that day that the US economy is in a state of uncertainty, but the inflation data exceeding expectations in the past two months "has not fundamentally changed the trend that (the inflation rate) is returning to the target." He believes that the cost of living, which accounts for about one-third of the Consumer Price Index (CPI), has declined, but has not yet been reflected in the overall data. This is the main reason why inflation has not completely come down. Therefore, implementing three interest rate cuts during the year is "consistent with my thinking".

When asked whether a rate cut in June was on the table for the Fed, Goolsby sidestepped the question, saying "everything is on the table, or it's not on the table."

The Federal Reserve concluded its March monetary policy meeting on the 20th and maintained the target range for the federal funds rate at 5.25% to 5.5%. In the economic outlook released simultaneously, most Federal Reserve officials maintained their forecasts for three interest rate cuts this year.

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[Global Finance] The president of the U.S. Federal Reserve predicts three interest rate cuts this year

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