Fed's Goolsbee says that progress in the inflation fight has stopped

Chicago Fed President Austan Goolsbee: Progress in inflation fight has'stalled' As a result, he thinks it "makes sense" to wait on rate cuts. His pivot is notable given that he has been one of the more dovish members of the Federal Reserve.

Fed's Goolsbee: "I believe the Fed's current restrictive monetary policy is appropriate" The belief that rates will need to stay high for longer is now the dominant view at the Fed. The U.S. central bank has kept its policy rate in the 5.25%-5.50% range since July.