off-the-wire

Fed responds to economic data, not politics or stocks, says Chicago Fed's Goolsbee

Kitco Media
By Reuters
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Reuters
Fed responds to economic data, not politics or stocks, says Chicago Fed's Goolsbee teaser image

Aug 8 (Reuters) - Chicago Federal Reserve Bank President Austan Goolsbee on Thursday reiterated that the central bank's job is not to respond to stock market routs or political considerations

"The Fed's out of the election business. The Fed is in the economic business," Goolsbee said in an interview on Fox News, noting the Fed has been very clear about what economic data would motivate an interest-rate cut, a hold on policy, or even a rate hike.
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As for the recent stock-market rout, he said, "We're not in the business of responding to the stock market. We're in the business of maximizing employment and stabilizing prices."

Reporting by Ann Saphir Editing by Chris Reese

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