Chicago Fed prez Goolsbee warns against US Fed being overly restrictive

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Chicago Fed prez Goolsbee warns against US Fed being overly restrictive - Business Standard

Quick Summary:

Instead, economists and traders honed in on Powell's other comments that the Fed would respond if there was an unexpected deterioration in the labor market, a sentiment echoed repeatedly by Goolsbee.

After he spoke, data showed the vast US services sector's activity rebounded from a four-year low last month, with a measure of services employment rising for the first time since January, although the positive news barely dampened market turmoil.

It has cast doubt on Fed Chair Jerome Powell's assertion directly after the latest policy meeting that the labor market appeared to be normalizing gradually, which would allow the central bank to take a bit more time before cutting rates to ensure inflation was fully quelled.