Austan Goolsbee

You assume that I assume.

I don't know.

What would a data doctor do?

You know I don't like tying our hands ahead of the meetings.

I want to hear what my colleagues have to say.

I want to get as much information as possible, especially at moments like this where we're getting conflicting pieces of information.

You've been there.

It's the biggest table that I've ever seen in my life in that FOMC room.

So there's plenty of room for everything to be on the table at every meeting.

So I'm not going to rule anything out.

Maybe a little of both.

I mean, that's why I've been uncertain and highlighting the inflation numbers.

There have been some encouraging signs in inflation.

Housing inflation has come down a lot and is likely to continue to come down.

We had the run-up of goods inflation.

That, I think a lot of it is tied to tariffs, and we're still trying to sort out, is there more to come, or is that basically all there was with tariffs, and then it'll go away?

But there's also been a kind of a disturbing persistence of services inflation, which I don't think you can attribute to tariffs, because the tariff content of the services industry is not very high.

So...

We'll have to see what the PCE number says.

The Open Market Committee has said we watch PCE inflation.