A handful of US Federal Reserve officials on Sept 23 left open the door to additional large interest rate cuts, noting that current rates still weigh heavily on the US economy.
"Over the next 12 months, we have a long way to come down to get the interest rate to something like neutral to try to hold the conditions where they are," Chicago Fed president Austan Goolsbee said in a moderated question and answer event.
Neither Dr Goolsbee nor any of his colleagues said they already favor repeating the half-point cut made by the central bank on Sept 18, saying incoming data would guide their decision-making.
The Federal Open Market Committee (FOMC) next meets just after the US presidential election, on Nov 6-7.
The Chicago Fed chief said he estimates that the central bank's current benchmark interest rate is "hundreds" of basis points above neutral, the level at which policy neither stimulates nor restricts economic growth. The neutral rate cannot be directly measured, only estimated.
Dr Goolsbee, who sounded more strident than other officials in calling for lower borrowing costs, emphasized that employment conditions and inflation were each at favorable levels, but would not remain so unless the Fed lowered rates "significantly" in the coming months.
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