Chicago Fed President Austan Goolsbee said rate cuts may be postponed until 2027 if oil prices stay high.
He noted inflation must return to 2% and that core inflation progress could affect the timing of cuts.
Goolsbee mentioned possible multiple cuts in 2026 were now unlikely, and that rates could even rise if inflation stays elevated.
He expressed respect for Kevin Warsh, the Trump‑nominated Fed chair candidate, emphasizing the Fed’s economic, not political, mandate.