Yesterday, Austan Goolsbee, President of the Federal Reserve Bank of Chicago, said that the central bank's meetings this fall would be conducted in real time, during which he and his colleagues would attempt to interpret mixed economic data and determine the best ways to adjust interest rates in response to those changes.

"As we get into the fall, we're going to have some live meetings, and we'll have to figure it all out," Goolsbee said Wednesday at an event in Springfield, Illinois, using a term often applied to a Fed meeting where the policymakers' votes are not known in advance.

Goolsbee's remarks highlight the increasing complexity facing the Fed in a volatile global economy. Traditional economic models are proving less reliable, while incoming data often conflict, complicating monetary policy decisions.

A "real-time" format implies a more flexible and adaptive approach, with decisions made based on the most recent data and in consideration of constantly changing conditions. This means Fed policymakers will closely monitor economic indicators such as inflation, employment, and consumer spending, and be ready to react quickly to any unexpected developments. However, this approach also carries risks. Overreacting to short-term fluctuations could lead to instability in financial markets and undermine confidence in the Fed. It is therefore essential for the central bank to remain calm and consistent in its policy, avoiding panic and abrupt moves.

The Fed's autumn meetings will be an important test for the central bank, demonstrating its ability to navigate a challenging economic environment and make well-balanced decisions aimed at maintaining stability and growth. The success of these meetings will largely depend on the policymakers' ability to analyze contradictory data, find compromises, and work together in the interest of the economy.

The Chicago Fed President described the labor market as still "strong" and "resilient," despite recent data showing a sharp decline in hiring over the past three months, suggesting that the slowdown may be linked to reduced immigration.

At the same time, Goolsbee expressed concern over rising inflation in the services sector, as reflected in the latest consumer price data, noting that a continuation of this trend over the coming months would be troubling. "That was the most concerning part of the inflation report — if that continues, it's going to be hard for us to get back to 2%," Goolsbee told reporters later on Wednesday, referring to the Fed's inflation target. "I need greater confidence that this will not become a sustained inflationary shock."

However, he also emphasized that the report represents only one month of data in a highly volatile series. If the economy returns to the trajectory it was on before the Trump administration announced tariffs, the Fed could cut rates to a neutral level — neither restraining nor stimulating the economy — Goolsbee said.

Current EUR/USD Technical Outlook At present, buyers need to reclaim the 1.1730 level. Only then will they be able to target a test of 1.1770. From there, a move to 1.1790 becomes possible, but achieving this without the support of major players will be quite challenging. The most distant target is the 1.1695 high. In case of a decline, I expect significant buying interest only around 1.1666. If no buyers appear there, it would be better to wait for a retest of the 1.1630 low or to consider opening long positions from 1.1600.

Current GBP/USD Technical Outlook Pound buyers need to break above the nearest resistance at 1.3580. Only then can they target 1.3615, which will be difficult to surpass. The most distant target is the 1.3640 level. In case of a drop, bears will attempt to regain control over 1.3550. If successful, a break below this range would deal a serious blow to the bulls and push GBP/USD down to the 1.3520 low, with the potential to reach 1.3480.