Chicago Federal Reserve Bank President Austan Goolsbee on Sunday welcomed news of a deal to suspend the U.S. debt ceiling, saying failure to forge an agreement would be 'extremely negative' for the financial system and broader economy.
Austan Goolsbee, now the president of the Chicago Federal Reserve, speaks during the Obama Foundation "Democracy Forum" in New York City, U.S., November 17, 2022. REUTERS/Brendan McDermid/File Photo
“I try ... to make it a point not to prejudge and make decisions when you are still weeks out from the meeting," Goolsbee said. "We are going to get a lot of important data between now and then."embraced by Republican congressional leader Kevin McCarthy and Democratic President Joe Biden. Calling into question the value of U.S. debt - among the world's safest and most widely held assets - "is not good for lending, is not good for the real economy... let's just avoid it: let's raise the debt ceiling and get onto the next thing.""The actions that the Fed takes take months or even years to work their way through the system ... there's no doubt inflation is too high, still - it has come down - and we are just trying to manage.
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