Chicago Fed Pres. Goolsbee: US is in an environment of "cross currents"

Chicago Fed Pres. Goolsbee speaking to FoxBusiness says:

• U.S. is in an environment of "cross currents"
• Fed must get inflation back down to target
• Don't like to put constraints on what the Fed might do at a future meeting
• The "long arc" on inflation shows it coming down from high levels; if PCE shows better readings that will "make us feel better"
• If PCE is "reinflating" the Fed "will stabilize prices"
• The question of the "last mile" on inflation is "a little harder;" supply may not help as much
• The most important number in the immediate term on inflation is what is happening with housing
• If shelter inflation does not come down to where it was before the pandemic it will be hard to get back to target
• Middle East instability is a wild card for the Fed in terms of oil prices and gas; a negative supply shock is "not good"
• Fed follows a dual mandate, does not respond to political concerns
• Personally do not feel any political pressure; Fed follows its dual mandate on employment and prices