Goolsby: Current interest rate level is hundreds of basis points above neutral rate

Goolsbee said that it is reasonable to start cutting rates by 50 basis points; we are returning to the normal dual mandate model; our current level of interest rates is hundreds of basis points above neutral; if this continues, there will be a lot of rate cuts in the next 12 months; we still have a long way to go to get rates down to near neutral.