Federal Reserve Bank of Chicago President Austan Goolsbee said he wasn't overly concerned with a higher-than-forecast September inflation report and stuck by his view that the U.S. central bank has moved past its singular focus on price pressures.
"The overall trend over 12 to 18 months is clearly that inflation has come down a lot and the job market has cooled to a level which is around where we think full employment is," Goolsbee said Thursday in an interview on CNBC.
Underlying inflation rose more than forecast in September, data released earlier Thursday showed. The core consumer price index — which excludes food and energy costs — increased 0.3% for a second month, disrupting a string of lower readings. The three-month annualized rate advanced 3.1%, the most since May, according to Bloomberg calculations.
The new report, along with a strong September employment report, is likely to support calls for the Fed to move more gradually in the coming months after
Goolsbee, who is considered more willing to cut rates than many of his colleagues, said there had been a series of "close-call-type" meetings by the Federal Open Market Committee in recent months.
"There will probably be more close call-type meetings," he said.
