Chicago Federal Reserve President Austan Goolsbee emphasized caution on interest rate cuts until inflation shows signs of easing. Recent data revealed core inflation at 3%, above the Fed’s 2% target. Goolsbee highlighted high housing costs as a non-tariff driven concern. Markets are anticipating a possible rate cut in June or July.

Fed Governor Christopher Waller suggested a more measured approach to rate cuts, pointing to improving labor market data as a reason to hold off on further reductions. Waller believes recent job data may have been misleading and advocates for looking beyond tariff impacts in policy decisions. Governor Lisa Cook is set to speak at the NABE conference later in the day.

Read more at CNBC: Fed’s Goolsbee calls for a hold on cuts as current rate of inflation is ‘not good enough’