Fed’s Goolsbee: CPI was discouraging, more bad months would be unacceptable
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CPI data was ‘discouraging’ Service inflation in CPI was a concern Key to focus on trend of inflation, not one report Hearing about cost and prices from contacts, not hearing about worries about recession Hopes energy will fade soon from inflation data The economy has work to do
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The desk interprets recent comments from Fed's Goolsbee as indicative of a more hawkish stance on inflation, particularly concerning services inflation. Per the full note [source], Goolsbee highlighted that inflation is not only driven by oil prices and tariffs but is also rising in the services sector, which presents a significant concern. This shift in tone suggests that the Fed may need to maintain a tighter monetary policy for longer than previously anticipated. The current consensus among firms indicates a target for the USD at 1.075, with expectations of continued volatility in the FX market as traders digest these insights.
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