Goolsbee responds to non-farm data: When the situation requires a rate cut, it is often not cut once

Chicago Fed President Goolsbee stressed that the Fed will not overreact to any one economic report and that policymakers will have a lot of data before the Fed's next meeting. Goolsbee spoke after the release of the weaker-than-expected nonfarm payrolls report, saying that the Fed's job is to figure out the "continuity" of the data and act in a "stable" manner. However, he noted that if restrictive interest rates are maintained for too long, policymakers will have to consider employment tasks. "If the unemployment rate rises to a level above the neutral interest rate, this is another risk that the Federal Reserve is required by law to consider and deal with." Goolsbee also said that economic conditions will determine the timing and size of rate cuts. "When the situation requires a rate cut, it is often not cut once." (Jinshi)