The general trend is clearly that inflation has come down a lot

In an interview with CNBC on Thursday, Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted that inflation came in around expectations, with an improvement on the housing front, according to Reuters.

Key recommendations

“The overall trend is clearly that inflation has come down a lot.”

“The labor market has cooled to full employment.”

“We have now moved to a more normal environment with balanced risk.”

“We have to think about both sides of the Fed’s mandate.”

“It was a series of close encounters.”

“There will likely be closer Fed meetings.”

“We don’t want to get ahead or behind.”

“I’ve still got a lot of data, trying to figure out what’s going on, nothing is ever off the table.”

“Fed minutes in times of transition often show diversity of thought at Fed”.

“The Fed needs to take a longer view.”

“The Fed’s projections show that the vast majority believe that over the next 12-18 months conditions will continue to improve, with rates gradually falling by a fair amount.”

“Data addiction is not about relying on last month’s decisions, it’s about taking more time.”

Market reaction

These comments failed to trigger a noticeable market reaction. At press time, the US dollar index was unchanged on the day near 102.90.