Fed's Goolsbee: Rate cutting process to 'take over a year'
Federal Reserve Bank of Chicago President Austan Goolsbee stated on Monday that the process of interest rate cutting will "take over a year," adding that many rate cuts are expected in the coming year.
Speaking on Fox Business, the central banker explained that the Fed is lowering interest rates now because the national economy "has normalized," stressing that this has "nothing to do with politics."
Furthermore, Goolsbee noted that inflation is moving closer to the target level of 2%, while the job market remains stable and sustainable.