Chicago Fed President Goolsbee's labor market concerns

Chicago Fed President Goolsbee said he is more concerned about the labor market than inflation. Chicago Fed President Austan Goolsbee said he is more concerned about the labor market than inflation because of the disappointing jobs data. Goolsbee told Bloomberg News in an interview that current interest rates are “very restrictive” and that such a stance would be appropriate only if the economy overheats. “It seems like I’m more concerned about the jobs side,” Goolsbee said when asked about the balance between inflation and labor market risks. Fed Chair Jerome Powell and other policymakers have said the central bank has increasingly focused on preventing a downturn in the labor market, after years of primarily focusing on reining in high inflation. Goolsbee declined to comment on how likely or how large a rate cut the Fed might be when it meets in September.