Fed’s Goolsbee Explains Why He Voted Against December Rate Cut: 'Getting More Evidence First Feels Like The Wiser Choice'

Federal Reserve Bank of Chicago President Austan Goolsbee said on Friday that he decided to vote against the December rate cut because he thought it would be better to wait for more economic data before taking a call.

“Given the last several years, getting more evidence first feels like the wiser choice,” Goolsbee said, adding that he is not comfortable with front-loading rate cuts too heavily and assuming that the inflation will be transitory.

Goolsbee was one of the three Fed officials who dissented against the central bank’s decision of a 25-basis-point rate cut on Wednesday. The other two officials were Fed Governor Stephen Miran and Kansas City Fed President Jeffrey Schmid. While Miran wanted a 50 bps cut, Schmid joined Goolsbee to vote in favor of keeping rates unchanged.

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