Federal Reserve Bank of Chicago President Austan Goolsbee said slightly higher inflation data for a few months would still be consistent with a path back to the central bank’s 2% goal. “Rate cuts should be tied to confidence in being on a path toward the target,” Goolsbee said in prepared remarks Wednesday at the Council on Foreign Relations in New York. “More data like we have seen in the past six months would indicate that path, but that’s probably too stringent.” “Even if inflation comes in a bit higher for a few months (as many forecasts suggest), it would still be consistent with our path back to target,” he ... (full story)