"Fed's 'Dove' Goolsbee: Time for Rate Cut is Coming

IconCryptoNewsTerminal Staff11 Jul, 2024

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"Fed's 'Dove' Goolsbee: Time for Rate Cut is Coming

According to Yonhap News, Austan Goolsbee, the President of the Federal Reserve Bank of Chicago and a leading 'dove' among the US Federal Reserve (Fed) personnel, has stated that he believes the time for a rate cut is approaching. Goolsbee stated during a press meeting that he is confident that US inflation is on track to reaching 2% (inflation rate). '2%' is the Fed's target inflation rate. On the same day, the US Department of Labor reported that the US Consumer Price Index (CPI) for June rose by 3.0% year-on-year, while the index fell by 0.1% month-on-month. This marks the first time in four and a half years since May 2020 that the index has decreased month-on-month.

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