Fed Official Goolsbee Focused on Long-Term Inflation Drop Despite High Near-Term Readings

• Fed's Goolsbee focused on PCE inflation gauge rather than high CPI readings • Wants to see evidence of declining inflation trajectory in data • Concerned about persistently high housing costs not falling as expected • Shelter inflation was pre-pandemic around 3.2%; now 5.7% • Fed likely to hold interest rates steady at next meeting with inflation still high