Federal Reserve's Gursbi: Interest rates need to be "significantly" lowered in the next year
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Chicago Federal Reserve President Guersby reiterated that interest rates will need to be "substantially" lowered in the coming year to address changes in inflation and the job market. He pointed out that the unemployment rate has risen to 4.2% and hopes to keep it from rising further. The Fed cut rates by 50 basis points last month in an effort to boost the job market. Although forecasts suggest that future rate cuts may be smaller, it will depend on economic developments. Guersby also mentioned that strikes by port workers on the East Coast and Gulf Coast could have an impact on the economy
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