Austan Goolsbee, President of the Federal Reserve Bank of Chicago (2027 FOMC voting member): No regrets about casting a dissenting vote at the June FOMC monetary policy meeting

The market remains stable. Inflation is far above the target level and is moving in the wrong direction. We have not yet experienced a stagflation shock, and the job market has remained stable. Evidence is needed to prove that the current inflation is only temporary. Inflation in the service sector is somewhat concerning. In my view, it is necessary to determine whether this round of inflation will persist.