Chicago Federal Reserve President Austan Goolsbee welcomed the slowdown in price growth in April, but said there was still room for further inflation slowdown.
Speaking on Wednesday after a report showed price growth excluding food and energy slowed in April for the first time in six months, Goolsbee indicated he would like to see more of these reports before supporting rate cuts.
Inflation has shown some improvement compared to last time, which is pretty much what we expected, but it's still higher than we saw in the second half of last year. So there's still room for improvement, Goolsbee said in an interview with Market Place radio.
The Chicago Fed president, who does not have a vote on monetary policy this year, described the path to declining inflation as bumpy and pointed to housing inflation as a key indicator he is watching.
Federal Reserve officials pushed back expectations for their first interest rate cut, stressing the need to keep borrowing costs higher for longer amid disappointing inflation rates.
