2024-07-30 11:28:38
Recent inflation data in the United States has been “very good,” but the Fed has not yet achieved its goal of ensuring price stability, Federal Reserve Bank of San Francisco President Mary Daly said at an event in Dallas, Day.Az reports, citing Interfax.
“The time is not right yet,” she said. “Right now there is no price stability, and we need to make sure that we are moving steadily toward that goal.”
Chicago Fed President Austan Goolsbee said the Fed may soon need to lower borrowing costs to avoid a significant deterioration in the labor market.
The Fed is not done fighting high inflation, but consumer price data have improved for weeks in a row, Goolsbee said, adding that the labor market is “clearly worrisome.”
The pace of growth in U.S. consumer prices slowed to 3% in June on an annualized basis from 3.3% in May. Meanwhile, the unemployment rate is 4.1%, down from 3.4% at the start of 2023.
Daly is a voting member of the Federal Open Market Committee (FOMC) this year, and Goolsbee will be eligible to vote in 2025.
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