Fed Officials Keep Focus On Inflation As Goolsbee Warns Price Pressures Remain High

Austan Goolsbee, president of the Federal Reserve Bank of Chicago, speaks during the 29th annual Milken Institute Global Conference at the Beverly Hilton in Beverly Hills, California, on May 6, 2026. (Credit: Getty Images)

Chicago Federal Reserve President Austan Goolsbee said inflation remains the central bank's biggest concern despite some improvement in services prices as policymakers continue to assess the impact of elevated energy costs on the U.S. economy.

The remarks came after fresh inflation data reflected the lingering effects of higher oil prices during the recent Iran conflict, which pushed up transportation and energy costs across the economy.