Chicago Fed's Goolsbee says central bank 'has definitely got work to do' on inflation

Chicago Fed President Austan Goolsbee said the Federal Reserve "has definitely got work to do" on inflation, signaling that he sees the disinflation process as incomplete. The remark points to the inflation-repricing channel: persistent price pressures keep the policy rate expected to stay restrictive for longer, which lifts the front end of the Treasury curve and tightens financial conditions through higher real yields and a firmer dollar. Rate-sensitive segments such as long-duration equities, housing-linked stocks, and small-cap companies that rely on floating-rate financing tend to be most exposed, while the broader macro impact runs through the discount rates applied to all risk assets. Traders will focus on the next Consumer Price Index release and the Fed's preferred gauge, core PCE, for evidence on whether services inflation is cooling enough to validate a patient policy stance.

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