Fed's Goolsbee (2027 Voter) says jobs report was a tough miss, via Bloomberg TV; but one report is not a trend

• Jobs report was a tough miss, but one report is not a trend.
• If you got several months like that, it would be a concern.

• Reason we are seeing low-hiring, low-firing, is uncertainty.

• Remains hopeful we will see progress on inflation.
• Non-tariff inflation has been disturbingly high.
• Disturbing persistance of services inflation.

• A strong consumer has been driving US growth.

• Questions whether inflation rates will be transitory.
• Oil shock can lead in stagflationary direction; stagflation is a worst-case scenario for central banks.

• Hopeful we can commence rate cuts by end of this year. 
• Wants to get as much information as possible, especially given recent conflicting data.
• Everything is on the table at every meeting.

Fed's Goolsbee describes the recent jobs report as a significant miss but emphasizes that one report does not define a trend. He expresses concerns about ongoing inflation, particularly in services, while remaining optimistic about potential rate cuts by year-end if data supports such a move. This suggests a cautious yet flexible approach from the Fed as it navigates mixed signals in the economy, indicating both uncertainty and a potential shift in policy direction depending on upcoming information.