Fed's Goolsbee: productivity gains concentrated in high-tech, rates may fall slightly

Federal Reserve official Goolsbee said that the recent increase in U.S. productivity is mainly concentrated in the field of high-tech, these areas still have a wide space for development. He stressed that productivity growth is an ‘underestimated’ economic highlights. In addition, he expects a year after the interest rate will be ‘a little lower’, but did not pre-commit to the decision of the December meeting, because inflation and consumer spending and other key data remain to be seen. He believes that the job market is gradually returning to sustainable full employment and that progress on headline inflation is encouraging, while the United States is still making steady progress towards its 2 per cent inflation target.