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By Ann Saphir <\/p>\n
Aug 13 (Reuters) – Chicago Federal Reserve Bank President Austan Goolsbee said on Thursday that the latest \u200cU.S. inflation data has been a “little better,” and he is hopeful \u200cthat as the effects of tariffs and higher oil prices from the Iran war fade, inflation can \u200bcontinue to improve. <\/p>\n
“If we can get some of this stuff into the rearview mirror then I think we get back on what I was calling the golden path, which is inflation heading back to 2%,” Goolsbee said in an interview with \u200cFox News Channel’s Special Report \u2060with Bret Baier. “The overall level being in the 3%, that’s too high; that’s not great. The good news is the new \u2060information that’s been coming in has been a little better.” <\/p>\n
The Fed last month held the short-term policy rate in the 3.50%-3.75% range, though at least five of the \u200bcentral \u200bbank’s 19 policymakers wanted to raise rates \u200binstead, based on votes cast at \u200cthe time and public remarks made since. <\/p>\n
The Fed targets 2% inflation by the 12-month change in the personal consumption expenditures price index; in June, PCE inflation was 3.7%, down from its recent 4.1% peak in May. <\/p>\n
As recently as last week traders had been pricing in a Fed rate hike as soon as September, \u200cbut back-to-back reports this week of milder-than-expected consumer \u200band producer price inflation in July, following \u200blast Friday’s weak jobs report, have \u200bmostly erased the expectation of any near-term Fed move. <\/p>\n
“Inflation has \u200cbeen too high and our progress \u200bstalled out a little \u200bbit and was going the wrong way,” Goolsbee said on Thursday. <\/p>\n
“But now, for a couple of months, we’ve been getting a little bit better \u200breadings and hopefully that will \u200ccontinue. But we’re in that delicate space where the overall economy \u200bfeels fairly stable and we’re mostly watching the inflation component,” he said. <\/p>\n
(Reporting \u200bby Ann Saphir; Editing by Aurora Ellis) <\/p>\n","protected":false},"excerpt":{"rendered":"(Refiles to fix spacing paragraph 1) By Ann Saphir Aug 13 (Reuters) – Chicago Federal Reserve Bank President…\n","protected":false},"author":3,"featured_media":1002543,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[10852,64,24241,79,294231,17001,67,132,68],"class_list":["post-1002542","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-austan-goolsbee","tag-business","tag-chicago-federal-reserve-bank","tag-economy","tag-fox-news-channel","tag-inflation-data","tag-united-states","tag-unitedstates","tag-us"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/117100063356808127","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1002542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=1002542"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1002542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/1002543"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=1002542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=1002542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=1002542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}