Goolsbee: 227k jobs is a big number; but need to look at averages

Good afternoon. It’s an honor to join the ranks of speakers who have engaged with the City Club of Cleveland. I’m a fan of your mission to create conversations of consequence that help democracy thrive, and I hope to contribute to that tradition today. I look forward to your questions, in particular because understanding what’s on your minds is an important part of my job as Cleveland Fed president. I’ve been in Cleveland for about four months, but it isn’t my first time in the city. My husband grew up in Shaker Heights, and his family continues to call the region home, so I was familiar with the area and its famous lake-effect snow. But as a full-time resident, I have been moved by how welcoming the community has been. Many people have been willing to share their experiences and recommendations to make sure that I enjoy the best that Northeast Ohio has to offer. A few of my early favorites have included catching games with the Guardians and Cavaliers, sipping on a Christmas Ale, and discovering a local pinball spot. And though I’ve settled in Cleveland’s East Side, I’ve been pleasantly surprised to learn that you don’t actually need a passport to cross the Cuyahoga River. And that’s good because so far I’ve found some of my favorite restaurants on the West Side. post: FED’S HAMMACK: EXPECTS SOLID GROWTH, LOW UNEMPLOYMENT, GRADUAL INFLATION EBBING || DATA WILL DRIVE WHAT FED DOES WITH MONETARY POLICY || MONETARY POLICY LIKELY ‘SOMEWHAT RESTRICTIVE’ FED’S HAMMACK: FED HAS MORE WORK TO DO TO COOL INFLATION || ECONOMY IS STRONG, LABOR MARKET IS… post: FED’S HAMMACK: FED ‘AT OR NEAR’ TIME TO SLOW PACE OF RATE CUTS || HAMMACK: ‘OPEN MIND’ ABOUT DECEMBER FOMC MEETING, MORE DATA INCOMING || MARKET VIEW OF ONE CUT BETWEEN NOW AND LATE JANUARY REASONABLE FED’S HAMMACK: SLOWING PACE OF RATE CUTS ALLOWS FED TIME TO SOUND ECONOMY ||…