Chicago Federal Reserve president Austan Goolsbee told Yahoo Finance Friday that the central bank "may be on hold" for now, but he still sees interest rates moving lower over the "next 12-18 months." The comments about Fed monetary policy came after the release of a new jobs report for January that showed several signs of resilience.

Federal Reserve Bank of Chicago President Austan Goolsbee said the central bank should proceed more cautiously in lowering borrowing costs amid mounting uncertainty introduced by the Trump administration.

I see the neutral rate a fair bit lower than where we are today. The Fed are on hold now, but over next 12-18 months, the settling policy rate will be a fair bit below where it is now. The speed at which rates come down will be slower with more fogginess.

A full-employment economy with solid growth and falling inflation will let the U.S. Federal Reserve continue cutting interest rates, though uncertainty about the impact of tariffs and other policy changes argues for a slower approach,