Chicago Federal Reserve President Austan Goolsbee said the neutral rate is "well below" where it is right now, and policymakers can cut further so long as the economy does not overheat.

Federal Reserve Bank of Chicago President Austan Goolsbee called this a “critical moment” for monetary policy on Thursday, with the U.S. economy at a transition point as the year comes to a close. The distortions of the Covid-19 pandemic and subsequent economic rebound are fading and it’s time to land the plane.