Several Federal Reserve regional presidents speak out, Barkin suggests that interest rate cuts need to be more cautious.

On Friday, three Federal Reserve chairmen from the United States gave speeches, expressing their views on inflation trends, interest rate adjustments, and the development of financial technology. Richmond Fed Chair Tom Barkin: Inflation to decrease, but rate cuts need caution Richmond Fed Chair Tom Barkin stated that he expects core inflation to continue to decrease next year, despite recent stubborn inflation data. He mentioned that consumers are sending signals to businesses about their limited pricing power by purchasing promotional items, choosing lower-priced items, and visiting discount stores. Barkin pointed out that the inflation base in the first quarter of this year was high, and next year may show more optimistic inflation data for the same period. At the same time, he hinted that rate cuts may need to be more cautious. He divided rate cuts into two stages - "re-calibration" and "normalization," with the current stage being re-calibration. He quoted Dallas Fed Chair Lorie Logan's metaphor likening the rate cut process to "slowing down as the captain approaches the port," emphasizing the need to proceed with caution. Barkin did not clearly state whether there will be rate cuts in December, only pointing out that the current policy stance is "sufficiently tight." Additionally, he mentioned that Trump's proposed comprehensive tariffs may have an impact on inflation, but the specific effects are still difficult to evaluate. Chicago Fed Chair Austan Goolsbee: Expect significant rate cuts next year Chicago Fed Chair Austan Goolsbee stated in an interview with foreign media that he expects the Federal Reserve to cut rates by another 25 basis points this year and further reduce rates by one percentage point next year. According to the September dot plot forecast, Goolsbee mentioned that the Fed policy rate will drop to 4.4% at the end of this year, further decreasing to 3.4% by the end of next year. He believes that this rate cut trajectory aligns with the expectations of the 19 Fed policy makers and may create a more favorable monetary policy environment for economic growth. Boston Fed Chair Susan Collins: Focus on the risks and opportunities of financial technology Boston Fed Chair Susan Collins emphasized the potential impact of technological innovation on the financial system. She stated at an event at the Boston Fed that technological advancements brought about by financial technology may create a virtuous cycle for the financial system, but also come with "real and significant risks and challenges." Collins believes that a more efficient financial system can adapt to economic changes, which in turn can promote economic growth. However, she did not directly comment on monetary policy or economic outlook in her speech.