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Chicago Fed president encouraged by latest inflation number

The president of the Federal Reserve Bank of Chicago is encouraged by the latest data on inflation. 

Austan Goolsbee with the Chicago Fed took part in the Federal Reserve’s open market meeting this week and says something unusual occurred.

“The inflation number came out in the middle of our meeting. And actually, this number, it’s just one month, but it was very good.”

Goolsbee was the keynote speaker Friday at the Iowa Farm Bureau Economic Summit in Ankeny.

He said the inflation rate fell below the Federal Reserve target of two percent.

“At the same time I always say, one month is no months, you’ve got to have more months than that. But my feeling coming out of the meeting was a little bit relief.”

But Goolsbee points out inflation has been sticky, rising in the first quarter of this year after falling the last six months of 2023.