Federal Reserve Bank of Chicago President Austan Goolsbee expressed on Monday his belief that "many more" cuts in the United States central bank's key interest rate will "likely" be needed over the next year.

Speaking at the National Association of State Treasurers (NAST) Annual Conference in Chicago, Michigan, Goolsbee stated he would be "comfortable" with the Fed performing a 50-basis point reduction in the future. He stressed that the rates must go down "significantly," noting they are "way above" where the neutral rate should stand.

Moreover, Goolsbee pointed out that, when making its monetary policy decision, the Fed must also consider employment, not just inflation. He said the prices are "way down" from their peak, while the labor market is "at full employment." Additionally, Goolsbee underscored that the Fed cannot be "behind the curve" to "reach a soft landing."