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Chicago Fed Pres. Goolsbee is speaking and says:

• CPI data this week was very good.
• If we got a lot of months like May CPI data, we would be feeling very good
• My feeling was relief
• We got to see some more progress
• We are going to get a lot of data between now and September, December meetings

Goolsbee is thought to be a dove. He is a 2025 voting member

More from Goolsbee:

• In the near to medium term what will determine if rates go back to normal is if inflation is on its path to 2%
• That has a 2% inflation goal and it must keep that promise
• We are going to get to 2% inflation
• If we get it to 2% I am fine with then having a discussion on changing the target but not until then.
• Dynamics now look a lot more like the regular business cycle
• if we get more months like we just saw on inflation, Fed can cut rates.
• Pain is rising in various parts of the economy
• if we keep making progress on inflation, and the rates can come down, we may avoid recession
• A stronger dollar would affect export/import balance and affect US employment and inflation
• If inflation had behaves as it did in first quarter, we would have a hard time cutting rates
• Unemployment rate, quits rate, ratio of jobs to openings looks like labor market is calling
• I  I don't take too much signal from the monthly payroll data by itself