Fed Chicago President Goolsbee Undecided on September Rate Cut

Federal Reserve Bank of Chicago President Austan Goolsbee remains undecided about whether to support an interest rate cut at the Fed's September 16-17 meeting, emphasizing the need to review upcoming inflation data before making a decision. He highlighted the importance of considering both inflation and employment figures, noting recent job-market weakening with a small increase in payrolls and a slight rise in unemployment. Goolsbee also strongly defended the Fed's independence from short-term political pressures, rejecting attempts to undermine it and expressing confidence that President Trump's nominee to the Fed, Stephen Miran, will perform his duties seriously despite concerns from Democrats about his independence. These remarks come amid ongoing debate about the Fed's monetary policy direction in the face of softening labor market data and inflation trends. Goolsbee's cautious stance reflects a broader uncertainty within the Federal Reserve as it navigates complex economic signals ahead of its next policy meeting.