Chicago Fed President says inflation must cool down before interest rate cuts

MaticHoleFiller · 2026-04-03T15:30:48+00:00

Chicago Federal Reserve Bank President Austan Goolsbee said that rising energy prices are pushing up inflation as the Federal Reserve hopes to see easing in price pressures before cutting interest rates again.Goolsbee stated on Tuesday during a one-hour PBS news program, "If energy infrastructure is damaged, supply chains change, or the Persian Gulf situation becomes unstable, even if the conflict ends, these factors will affect overall energy prices, or say, crude oil prices."When discussing the prospects for further rate cuts, Goolsbee said, "We need to see progress on inflation."Goolsbee added, "We should feel some reassurance that we are on the path back to a 2% inflation rate."Note: Goolsbee will not participate in voting on interest rate decisions this year.

MaticHoleFiller

2026-04-03 15:30:48

Chicago Fed Chair Austan Goolsbee said that, as the Federal Reserve wants to see easing price pressures before cutting rates again, rising energy prices are pushing inflation higher.

On Tuesday, Goolsbee said on PBS’s one-hour news program: “If energy infrastructure is disrupted, the supply chain changes, and there is turmoil in the Persian Gulf—then even if the conflict ends, these factors will affect overall energy prices, or, in other words, crude oil prices.”

When discussing the outlook for further rate cuts, Goolsbee said: “We have to see inflation making progress.”

Goolsbee: “We should feel some reassurance—we are on the path back to a 2% inflation rate.”

Note: This year, Goolsbee does not participate in voting on interest-rate decisions.

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