The President of the Chicago Federal Reserve said that before a rate cut, they must see a decrease in inflation.

Chicago Federal Reserve Bank President Austan Goolsbee stated that rising energy prices are pushing up inflation, at a time when the Fed wants to see easing price pressures before cutting interest rates again. Goolsbee said on the PBS NewsHour program on Tuesday, "If energy infrastructure is damaged, supply chains are disrupted, or if there is turmoil in the Persian Gulf, even if the conflict ends, these factors will affect overall energy prices, or oil prices." Goolsbee said when discussing the prospect of further interest rate cuts, "We need to see progress on inflation." Goolsbee added, "We should take some comfort in the fact that we are on the path to returning to a 2% inflation rate." Note: Goolsbee is not participating in the rate decision voting this year.