Fed's Goolsbee expresses confidence in job market stability following employment report

Federal Reserve official Austan Goolsbee expressed increased confidence in the stability of the job market following recent employment reports. He noted significant growth in private sector retail hiring but questioned whether this indicates a stronger consumer or is just a temporary spike. Goolsbee stated that the current inflation rate has been 1.9% annualized over the past six months. He emphasized that the job market is not contributing to inflation and highlighted the importance of monitoring productivity numbers. He also mentioned that long-term interest rates have risen due to higher-than-expected economic growth. Goolsbee expects that interest rates will decrease in the next 12 to 18 months if current trends continue.