Fed's Goolsbee: rates may be much lower in next 12 to 18 months than now

According to reports, Fed Goolsbee said that interest rates will be significantly lower in the next 12-18 months as long as inflation continues to fall towards the Fed's 2% target.

However, Goolsbee agreed with Fed Chairman Jerome Powell that policymakers are in no hurry to cut rates. Goolsbee said, ‘As long as we continue to move toward our 2% inflation target, rates will be much lower than they are now over the next 12 to 18 months.’