Federal Reserve Bank of Chicago President Austan Goolsbee said on Sunday that central bank officials should be wary of keeping the restrictive policy in place longer than necessary.
Key quotes Credit conditions seem tight and are getting tighter. Unemployment is up, and that's a caution sign. No certainty the Fed will cut interest rates next month, but not doing so could damage the labour market When you set a rate high like we have and hold it there while inflation falls, you're actually tightening. The economic data is a mix of positive indicators and some that are more concerning.
How often does the Fed hold monetary policy meetings? The Federal Reserve holds eight policy meetings a year, where the Federal Open Market Committee assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.
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