Chicago Federal Reserve President Austan Goolsbee said on Tuesday said he sees interest rates needing to come down a "fair amount" over the next year as rates remain in restrictive policy, per Reuters.
Key quotes
Over the next year, it feels to me like rates come down a fair amount from where they are now.
If your inflation gets close to target, and your unemployment gets close to where you want it, and the GDP growth of the economy is coming back to something like a trend, but the interest rate remains well above where you think it needs to settle..you have to be careful.
Market reaction
The US Dollar Index (DXY) is trading 0.03% higher on the day at 106.37, as of writing.
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