Some Federal Reserve officials are signaling that they want to see significantly more rate cuts in the future.

Chicago Fed President and CEO Austan Goolsbee at the National Association of State Treasurers annual conference on September 23, 2024, said, "At a moment like this, it's important for the Fed to think beyond the short run and identify the through lines of the economy. That longer arc said it was time to act and suggests there will be more to come."

He argued that while inflation is far down from its peak — the most recent Consumer Price Index report showed year-over-year inflation of 2.5%, so nearing the Fed's 2% target — and unemployment at 4.2% is considered sustainable full employment, interest rates are still the highest they've been in year.