Chicago Fed President Austan Goolsbee is now speaking and says:
- CPI inflation data was surprisingly benign
- Never want to overreact to one month
- if got several months like this, would feel better.
- Services inflation has been way too high..
- At least today, services inflation was encouraging.
- If got PCE versions of inflation that looked like CPI for several months, I would be feeling a lot better..
- Job market is stable without being good.
The Fed is breathing a sigh of relief but the job is not done.
US stocks remain higher with the Dow unchanged, the S&P up 0.47%, and the NASDAQ index up 1.05%.
This article was written by Greg Michalowski at investinglive.com.