Chicago Federal Reserve President Austan Goolsbee said Tuesday that interest rate cuts aren't appropriate until there's more evidence that inflation is on its way down. With recent indicators showing that inflation well off its highs but still above the Fed's 2% target, Goolsbee noted that policymakers "have been burned by assuming transitory inflation" in the past and shouldn't make the same mistake again. "I feel that front-loading too many rate cuts is not prudent in that circumstance," he

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