Goolsbee Says September Inflation Disappoints, Urges More Data Before Hike

Chicago Fed President Goolsbee said September inflation was higher than expected, raising questions about whether existing interest rates are sufficient to bring inflation back to the Federal Reserve’s 2% target. Services inflation remained above 5%, and core goods prices did not cool as expected. The figures suggested price pressures could be more persistent than previously thought. Goolsbee favored waiting for more data before deciding whether to raise rates again. He said monthly core inflation continuing at a pace that annualized to about 4% would be unacceptable and require policy action.

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