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-Progress on bringing down inflation has"stalled" this year, Chicago Federal Reserve President Austan Goolsbee said on Friday, becoming the latest U.S. central banker to drop an earlier focus on the coming need for interest rate cuts.
Three months of higher-than-expected inflation data"can't be dismissed," and the Fed will need to determine if continued strong growth in the economy and job market is a sign of overheating, Goolsbee said. "It is supposed to have been falling," he said, citing the decline in market data on new leases."If it doesn't, it will be hard to see a smooth path back to our 2% inflation goal."
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