Fed's Goolsbee: Inflation progress continues while economic growth has been strong

<p>Chicago Fed Pres. Austen Goolbee speaking to a Detroit economic club event, said:</p><ul><li>Inflation progress continues, economic growth has been strong, labor markets and vibrant.</li><li>This year could see the fastest non-war related one-year fall in US CPI inflation in a century, with an unemployment rate that never gets above a 4%.</li><li>He attributed this unusual situation to factors such as a rebound in supply following COVID-19 disruptions, increased productivity, and well-anchored inflation expectations.</li><li>Still have a way to go before US central banks a 2% inflation goal reached.</li><li>Positive supply development allows blockbuster economic growth without added inflationary pressure.</li><li>He is more concerned about possible external shocks than about the economy overheating.</li><li>Central bank should focus its attention mostly on inflation data.</li><li>Key to further progress on inflation is housing, there will be some bumps.</li></ul><p>Goolsby is more of a dove. He currently is a 2023 voter (but will not be a rotor in 2024</p>

This article was written by Greg Michalowski at www.forexlive.com.