(Reuters) - Chicago Federal Reserve Bank President Austan Goolsbee said he expected interest rates to be "a fair bit lower" in 12-18 months but added that it may take longer than anticipated for the next cut to come because of economic uncertainty, according to a Financial Times interview published Wednesday.

"My view is that when there's dust in the air, 'wait and see' is the correct approach when you face uncertainty," he told the FT in an interview.