Fed's Goolsbee Says Central Bank Will 'Fix' the Economy

Chicago Federal Reserve President Austan Goolsbee stated that the central bank is prepared to address any signs of economic weakness, emphasizing the Fed’s commitment to maximizing employment, stabilizing prices, and maintaining financial stability. He noted that interest rates might currently be too restrictive but did not commit to an emergency rate cut. Goolsbee’s comments came amid market turmoil triggered by a disappointing July jobs report, which raised recession fears and led to significant stock market declines. Despite the weak job numbers, Goolsbee expressed that the economy is not yet in a recession but highlighted the need for a forward-looking approach in policymaking.