Toilet paper makers say US port strike isn't causing shortages
UCLA College Division of Humanities receives $31M donation
Texas sues TikTok for violating children's privacy
UN peacekeepers in Lebanon stay put, despite Israel asking them to move
G7 leaders call on regional players in Middle East to 'act responsibly'
Twin babies who died alongside their mother in Georgia are youngest-known Hurricane Helene victims
Fed's paper losses top the $200 billion mark
AbbVie cuts 2024 profit forecast citing R&D expenses
French PM Barnier confirms he will raise taxes for bigger companies
Eminem is going to be a grandfather, he reveals in 'Temporary' music video
On the road: Plenty of NBA teams mixing the grind of training camp with resort life
Eminem is going to be a grandpa
(Reuters) - Chicago Federal Reserve President Austan Goolsbee on Thursday said retailers and manufacturers had stockpiled about two weeks worth of items in anticipation of the U.S. dockworkers' strike, but the resulting supply-chain disruptions could lead to higher prices if the labor dispute persists. "It starts as an inconvenience and it gets worse the longer it goes," Goolsbee told Chicago public radio station WBEZ, adding that the strike could mean the "prices of some things might go up."
The International Longshoremen's Association strike, now in its third day, has blocked unloading of container ships along the U.S. East and Gulf coasts, threatening shortages as dozens of ships wait at anchor outside major ports.
Economists have estimated the strike is costing the U.S. economy billions of dollars a day.
Compared to the $20-trillion-plus U.S. economy, Goolsbee noted, "It's not an overwhelming number. It's not that kind of number. It's not a recession."
Meanwhile, Goolsbee said, the Fed has largely brought inflation down to target, and will need to reduce interest rates "by a lot" over the next 12 months or risk over-cooling the economy and the job market.
"We need to get the rates to normal so that it's like your bathtub ... if the water is too hot in the bathtub, you add cold water. But if you feel the tub and the water is how you want it, turn off the cold water or else you know what's going to happen," he said.
The Fed cut its policy rate last month to a range of 4.75%-5.00%, and most of the U.S. central bank's policymakers see further cuts ahead this year and in 2025.
(Reporting by Ann Saphir; Editing by Paul Simao)
