Chicago Fed President Austan Goolsbee on CNBC
Inflation is going the wrong way
Inflation side of the mandate is clearly the problem
PCE report wasn’t all negative
Saw a little bit of improvement on services in PCE report
Need to keep watching inflation
Inflation is a bit more disturbing on the services side
Some inflation is driven by one-and-done
I’ve long been uneasy with forward guidance but I don’t hate the dot plot
I don’t want to commit on years-ahead forecasts
Spending now and counting on future gains makes me nervous about potential inflationary pressure
Note Goolsbee has been a hawk for awhile and he’s not giving that up today despite the drop in oil prices. At the same time, it doesn’t sound like he’s frothing at the mouth to hike rates at the next meeting.