Goolsbee Optimistic on US Inflation Data, Hopes for Continued Improvement

Chicago Federal Reserve Bank President Austan Goolsbee expressed optimism about recent US inflation data. Speaking to Fox News, he described it as 'a little better' and hoped that as the effects of tariffs and higher oil prices from the Iran war fade, inflation can improve.

Goolsbee's comments come after the latest U.S. inflation data showed a 3.7% personal consumption expenditures price index in June, down from its recent peak of 4.1% in May. The Fed targets 2% inflation and has been keeping the short-term policy rate in the 3.50%-3.75% range.

However, at least five of the central bank's 19 policymakers wanted to raise rates instead, based on votes cast at the time and public remarks made since. The Fed last month held back from raising interest rates despite traders pricing in a hike as soon as September.