MNI BRIEF: Fed's Goolsbee - Not Yet Convinced Of Sept Rate Cut

Chicago Federal Reserve Bank President Austan Goolsbee said he's not yet convinced of the need to cut interest rates at the central bank's meeting this month because although payrolls numbers are weaker than expected, the picture is complicated by immigrations restrictions, and inflation is still showing worrisome signs. 

"I want to get more information. I'm still undecided as we're going into this," Goolsbee told Bloomberg TV in an interview. 

"If it looks like the labor market is deteriorating on grounds more than the monthly jobs number -- because I want to emphasize we have population growth changing behind the scenes." 

At the same time, he added the Fed has to "look at the inflation side too. In the last inflation report we had an uptick coming from services. We want to make sure that that's not more of a blip and not a more ominous indicator." (See MNI POLICY: Fed Takes Measured Approach To Post-Sept Rate Cuts)