Chicago Federal Reserve (Fed) President Austan Goolsbee added his take to comments from Fed officials on Friday, stating that he did not rule out the possibility of a rate cut at the Fed's meeting next March.

According to reporting by the Wall Street Journal, Chicago Fed President Goolsbee expects rates to be lower by this time next year, but not by much, giving additional weight to the Fed's projected cuts on the dot plot next year.

Goolsbee also noted that the Fed might need to shift focus to its jobs mandate next year, with inflation cooling and the US employment landscape seeing overarching threats from a slowdown in key economic factors.

Market Reaction

The US Dollar Index (DXY) twitched higher on reaction, chalking in a new high for Friday above 102.60.