Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee hit newswires on Thursday, commenting on the future pace of Fed rate cuts in the face of inflation that is ostensibly on its way to the Fed's 2% target.

Key highlights

Inflation is on its way down to 2%.

The labor market is close to stable, full employment

Over the next year, it feels like rates will end up a fair bit lower than they are today.

It may make sense to slow pace of interest rate cuts as Fed gets close to where rates will settle.