MNI BRIEF: Fed's Goolsbee-Need More Inflation Data To Cut

Chicago Federal Reserve Bank President Austan Goolsbee said Friday he dissented against this week's FOMC decision to lower interest rates by a quarter percentage point because he is seeking more confirmation that inflation is easing. 

"While I voted to lower rates at the September and October meetings, I believe we should have waited to get more data, especially about inflation, before lowering rates further," Goolsbee said in a statement.

"Given that inflation has been above our target for four and a half years, further progress on it has been stalled for several months, and almost all the businesspeople and consumers we have spoken to in the district lately identify prices as a main concern, I felt the more prudent course would have been to wait for more information."

Goolsbee said he still believes interest rates can move lower next year. "I remain optimistic that interest rates can come down a significant amount over the next year. My unease is about too heavily front-loading rate cuts and just assuming that inflation will be transitory. Given the last several years, getting more evidence first feels like the wiser choice." (See: MNI FED WATCH: Well-Positioned To Wait On More Cuts In 2026)