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April 19 - Progress on bringing down inflation has"stalled" this year, Chicago Federal Reserve President Austan Goolsbee said on Friday, becoming the latest U.S. central banker to drop an earlier focus on the coming need for interest rate cuts.
The belief that rates will need to stay high for longer to get price pressures moving down again is now the dominant view at the Fed. The U.S. central bank has kept its policy rate in the 5.25%-5.50% range since last July, and just a few weeks ago most policymakers, including Goolsbee, thought at least three rate cuts this year would be appropriate.
Though higher productivity and labor force participation, driven partly by immigration, suggest there is"space for progress" on services inflation, he said, persistently high housing inflation remains the main threat to price stability. Goolsbee notably did not rule out a fresh rate hike in the face of disappointingly sticky inflation, but he also said the Fed may need to reduce borrowing costs if inflation resumes its decline.
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