Chicago Federal Reserve Bank President Austan Goolsbee said on Tuesday that he wants more proof that inflation is easing before considering interest rate hikes. He won't pre-commit to a vote for September. He offered these remarks while welcoming participants to Chicago's Business Smart Week.

Goolsbee stated that the need for further monetary policy tightening depends on what happens with prices. Regarding rate cuts, he mentioned that any rate cut would be far out in the future.

Speaking about the labor market, Goolsbee said that the JOLTS report looks consistent with a strong market moving toward a more balanced phase.