FED member Austan D. Goolsbee talked about inflation and interest rate hikes.
Stating that the monthly inflation data are quite good, Goolsbee stated that their goal is to restrain inflation without triggering a recession.
The sales heads in Goolsbee's description are as follows:
“Monthly inflation data sounds pretty good.
The FED is on a very good track with regard to the policy rate. Our goal is to reach our inflation target without a recession.
We do not see a tighter loan requirement than we expected.
Efforts to reduce inflation are working.
Phillips curve is broken. (The Phillips curve is a single-equation empirical curve that conveys the historical inverse relationship between inflation and the unemployment rate in an economy.)
I am open to making decisions by reading the data. I haven't thought about September yet.
I don't know if I should skip the rate hike at the September meeting.
Services inflation was the most troubling area, but I saw some improvements here as well.”