[Federal Reserve's Goolsbee: Should Wait for More Data Before Cutting Rates] Chicago Fed President Goolsbee stated on Friday that he opposed the Federal Reserve's recent decision to cut rates by 25 basis points, arguing that more data on inflation and the labor market should be awaited before further rate cuts, especially in the context of businesses and consumers still being highly concerned about rising prices. Goolsbee was one of the three officials who voted against the Fed's 9-3 decision this week. He advocated delaying rate cuts until early next year. He explained: 'Given that inflation has been above target for four and a half consecutive years, progress has stalled in recent months, and nearly all businesses and consumers we’ve recently engaged with in our district view prices as a primary concern, I believe the more prudent approach is to wait for more information.' He also stated that if future data shows inflation is returning to the Fed's 2% target, he remains 'optimistic' that rates could be 'significantly reduced' next year.