Federal Reserve Goolsbee: policy actions must be based on data

[federal Reserve Goolsbee: policy actions must be based on data] Federal Reserve Goolsbee said that the Fed's policy actions must be based on data; the Fed must pay attention to credit conditions; there is a "consensus" that the United States is beginning to have a credit crunch; it is too early to judge the interest rate decision of the June FOMC; it must be recognized that a recession in the United States is possible. It is trying to stabilize prices while avoiding a hard landing in the US economy; it is studying the extent to which the credit crunch will help the Fed accomplish its anti-inflation task.