TechFlow, November 6 — According to Jinshi Data, Federal Reserve official Austan Goolsbee said on Thursday that the lack of official inflation data during a government shutdown "further underscores" his cautious stance toward further rate cuts. In an interview, Goolsbee stated, "My inclination is that when the path ahead remains foggy, we should be more careful and slow down." Goolsbee noted that the Fed still has access to various private-sector labor market data, including the Chicago Fed's newly launched biweekly unemployment rate estimate. The latest figures suggest the jobless rate may have risen to 4.4% in October, the highest level in four years. He said this estimate, along with most other labor market indicators, shows that the "labor market remains quite stable." "If the labor market starts to deteriorate, we would almost immediately see signs," he added. However, he also pointed out that alternative data sources for inflation are extremely limited. Prior to the suspension of economic data releases by the government, statistics had shown signs of rising inflation. "If inflation becomes a problem, there won't actually be corresponding observable data to reflect it, which makes me even more cautious about cutting rates prematurely," he said.
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