Austan Goolsbee, president of the Federal Reserve Bank of Chicago, expressed cautiously optimistic views about the latest U.S. inflation figures. The Consumer Price Index came in at 3.4% year-over-year in July 2026, down from 3.5% in June, while core CPI stood at 2.5% and monthly prices rose just 0.1%. Goolsbee noted that external shocks such as tariffs and oil prices were losing their grip on overall price levels. However, he firmly refused to declare victory, stating he needs several more months of data confirming a sustained return to the Fed’s 2% target. He supported holding interest rates steady at the last FOMC meeting.
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