A sustained rise in long-term rates can ‘have a very substantial effect on real economic performance,’ the Chicago Fed president says
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https://www.wsj.com/economy/central-banking/austan-goolsbee-says-fed-will-need-to-monitor-risks-of-overshooting-on-rates-9acab785Austan Goolsbee, Chicago Fed president, says how long to hold rates at the current level could be shaped by whether external shocks hit the economy.A Federal Reserve official said the central bank will need to pay close attention to the effects of higher longer-term bond yields to make sure they don’t slow the economy more than expected over the coming year.
Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said in an interview Wednesday the recent run-up of longer-term borrowing costs could become more important as the central bank shifts its focus from how high to raise interest rates and toward how long to hold them near a 22-year high.This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law.
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