Fed's Goolsbee says central bank will 'fix' the US economy if it deteriorates

Chicago Federal Reserve President Austan Goolsbee on Monday said that central bank policymakers will respond to any weakness in the U.S. economy as renewed recession fears sparked a broad market sell-off.

Goolsbee also indicated that interest rates may be too restrictive right now, though he declined to say whether policymakers would consider making an emergency rate cut.

"The Fed’s job is very straightforward: maximize employment, stabilize prices and maintain financial stability.