Fed's Goolsbee on recession

Chicago Fed President Austan Goolsbee stated that while recent U.S. employment data was weaker than expected, it does not indicate an imminent recession. He emphasized that the Federal Reserve should remain cautious in tightening interest rates unless there are signs of economic overheating. Goolsbee noted that despite weaker employment figures, economic growth remains steady, and GDP data has been stronger than anticipated. He highlighted the complexities introduced by global events and the need for the Fed to be forward-looking in its policy decisions. Goolsbee indicated that potential interest rate cuts could be discussed in the upcoming September meeting as officials assess broader economic conditions. His remarks came amid a global stock market selloff following the disappointing employment report and the Fed's decision to keep rates unchanged.