Chicago Fed’s Goolsbee says the central bank has work to do on inflation
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Chicago Fed President Austan Goolsbee told CNBC on Friday that the central bank likely must act and “has definitely got work to do” to restore credibility on inflation. October producer prices rose 0.3%, with a 6.5% annual gain—the highest since November 2022—and consumer prices also came in above expectations. He said inflation has stayed above the Fed’s 2% target for almost six years and is trending the wrong way, with demand from AI data-center buildout adding pressure. Markets are fully pricing a quarter-point rate increase at the FOMC meeting on 8–9 December.
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