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.
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