XAUUSD : The Fed Chairman gave a speech today.The US Federal Reserve (Fed) has made strides in curbing inflation
The Federal Reserve has made significant progress in its efforts to bring inflation back to its 2% target, according to Austan Goolsbee, President of the Chicago Fed Bank. If this trend continues, focus will shift to the length of time interest rates should be maintained at current levels.
Goolsbee, in a recent interview with CNBC, suggested that the coming months could see the fastest decline in inflation in the past century. He emphasized that progress is being made in controlling the inflation rate.
Goolsbee further stated that as long as progress is being made in managing inflation, the debate over how high interest rates should go will gradually shift to how long interest rates should be kept at this level when inflation inflation decreased.
Last week, the US central bank maintained its benchmark interest rate at between 5.25% and 5.50%. However, the possibility of further increasing borrowing costs to bring inflation back to the 2% target is still open, due to the economy's ability to recover.
