Fed's Goolsbee (2027 voter) says on PBS NewsHour that CPI was bordering on disturbing and they have real issues on their hands, adds they are going to have to deal with that

• Most troubling is that services inflation is not coming down.
• Inflation is both cost-side and demand-side driven.
• His fear is starting to see overall overheating prices of a whole bunch of things.
• At the same time, job market is steady and stable.
• Will have to come to terms with it if inflation stays persistent and it's a major concern if inflation gets built into expectations.
• Everything is always on the table and we must get inflation down to the target.

The signal here is less the content than the source: Goolsbee has historically sat at the dovish end of the FOMC, so alarm about services inflation from that quarter carries more weight than identical language from a known hawk. The emphasis on sticky services and the risk of inflation embedding in expectations is the framing the Fed has used in past episodes to justify holding policy restrictive longer than markets were pricing; the transmission runs through the front end and the belly of the curve rather than a pure timing shift. Remarks of this kind raise the sensitivity of the next core inflation and wage prints, since officials warning that data are 'disturbing' have historically been followed by firmer consensus language if the subsequent releases confirm. The 'everything is on the table' formulation is boilerplate rather than a hike signal, but from a dove it shifts the perceived centre of gravity. Worth watching is whether other officials echo the tone and how it sits relative to the committee's prevailing stance, given his voting status is not imminent. As commentary rather than a decision, the read is directional.