Chicago Fed President Austan Goolsbee, who votes on monetary policy decisions this year, instead called for “prudence and patience” in assessing the economic impact of tighter credit conditions that are likely to stem from financial stress, the first official to suggest policymakers may need to hold off on further hikes for now.
Federal Reserve officials sounded divergent notes about the central bank’s next policy move, with one of its top officials suggesting another rate increase may be needed to quell inflation and its newest policymaker signaling a pause may be in order.
New York Fed President John Williams said Tuesday that Fed officials still have more work to do to bring down prices, echoing remarks from his colleagues in recent days, and suggested they will stay the course despite new uncertainty from turmoil in the banking sector.
