Chicago Fed's Goolsbee preaches caution on interest rate hikes amid bank sector concerns

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

The new head of the Chicago Federal Reserve said the Fed needs "to be cautious" about further increases in interest rates in light of recent bank...

The new president of the Chicago Federal Reserve said the central bank needs “to be cautious” about further increases in interest rates in light of the failure of Silicon Valley Bank and the resulting stress on the U.S. financial system.

Austan Goolsbee, who took over the Chicago Fed in January, said the U.S. central bank should proceed with “prudence and patience” until it can determine the extent of the damage to the financial system. “We should gather further data and be careful about raising rates too aggressively until we see how much work the headwinds are doing for us in getting down inflation,” he added.The Fed has raised its key short-term U.S. rate to a top end of 5% from nearly zero just a little over a year ago. Higher borrowing costs have started to slow the economy, and in some areas such as housing, the effects have been more dramatic.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Having someone like you who is not just a great motivator but also put in the best to get the work done so honestly deserve nothing but appreciation , Thanks for the work well done Milly_Webdeves

Why worry if economy is strong and robust as y’all claim it to be …

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fed’s Goolsbee: We need to asses potential impact of financial stress on the economyFederal Reserve Bank of Chicago President Austan Goolsbee, said on Tuesday that they need to be cautious about raising interest rates after recent dev
Source: FXStreetNews - 🏆 14. / 72 Read more »

USD/JPY drives to 132.50 as US Employment data supports more rate hikes from FedThe USD/JPY pair has extended its recovery after a nominal correction to 132.50 in the Asian session amid hopes of further escalation in interest rate
Source: FXStreetNews - 🏆 14. / 72 Read more »