EconomyUnited States

Fed's Goolsbee says officials must act as US inflation stays hot

US consumer prices remain high, which keeps a Fed rate hike on track. A Chicago Fed official says officials must address inflation, while a New York Fed survey shows a steady inflation outlook.

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Austan Goolsbee, president of the Federal Reserve Bank of Chicago, argued that officials need to deal with two risks. One is that the economy could overheat as companies pour money into artificial intelligence systems. The other is that price pressures are spreading to more parts of the economy.

Recent reports show US consumer prices are still rising quickly. That keeps a Fed rate hike on track. A rate hike is an increase in the central bank's main interest rate, which tends to make loans and credit cards more expensive for households.

A New York Fed survey found that consumers feel confident they could find a job, yet many worry about missing a debt payment. The same survey shows a steady outlook for inflation, with mixed views on the job market.

GuideWhen is the next Fed meeting? The date and what futures price

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