The Federal Reserve does not need to overly worry about the recent numbers of economic growth and employment above expectations, as long as US inflation continues to trend back towards the central bank’s target of 2%, said Chicago Fed President Austan Goolsbee on Monday.
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“If we continue to receive strong numbers… on employment, on GDP growth and inflation falls, we will have to consider the possibility of entering a period like the mid to late 1990s,” Goolsbee said in an interview with Bloomberg TV.
“They don’t have to mean overheating in the traditional sense if the supply side is moving… hence, this offers new possibilities for monetary policy that are more positive than in a normal demand-driven framework,” Goolsbee added.