The response from Goolsbee to the non-farm payroll data: When the situation requires a rate cut, it is often not done in a single cut.
Chicago Fed President Goolsbee emphasized that the Federal Reserve will not overreact to any economic report, and policymakers will have access to a large amount of data before the Fed's next meeting. Goolsbee spoke after the release of a weaker-than-expected non-farm payroll report, saying the Fed's job is to understand the "continuity" of the data and act in a "stable" manner. However, he pointed out that if restrictive interest rates are maintained for too long, policymakers must consider the task of employment. "If the unemployment rate rises above the neutral rate, this is precisely the other risk that the law requires the Federal Reserve to consider and address." Goolsbee also said that the economic situation will determine the timing and scale of rate cuts. "When the situation calls for a rate cut, it is often not just one cut."
