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Fed's Goolsbee (2027 voter) says we are still seeing pretty high services inflation; hopes we've seen peak impact of tariffs; the job market has been steady, only modest cooling

Fed's Goolsbee highlights persistent services inflation and indicates cautious optimism about tariff impacts, suggesting any future rate cuts will hinge on noticeable inflation improvements.

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Fed's Goolsbee (2027 voter) says we are still seeing pretty high services inflation; hopes we've seen peak impact of tariffs; the job market has been steady, only modest cooling

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  • CPI data had encouraging bits, some concerns.
  • Rates can still go down but need to see progress on inflation.
  • Services inflation is not tame in the CPI data.
  • Don't know how restrictive Fed policy is.
  • Consumers should hold in if job market stable, inflation eases.
  • Need to see improvement in inflation, expects to see progress.
  • Higher services inflation is worrisome.
  • If we're at 2% inflation, we can have several more cuts.
  • Would have been wiser to wait in December 2025 (he dissented in December, wanting no change).
  • We are not on a path back to 2% inflation, stuck around 3%.
Context

His comments reflect the Fed's ongoing balancing act between supporting the economy and addressing inflation, with a steady job market providing some reassurance. The mixed signals suggest traders should be watchful for how this stance may influence future rate paths and market sentiment towards the USD.

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