The financial markets seem convinced that interest rates are poised to come down next year. But officials at the Federal Reserve aren’t committing to rate cuts yet. Chicago Fed President Austan Goolsbee, who was on the Fed’s rate-setting committee this year, joins WSJ’s Take On the Week to discuss why “all things are on the table” when it comes to interest rates, including potential rate hikes, and why he thinks there is still a risk of recession. Plus: what’s keeping him up at night, and why he says it may be time for the Fed to shift its focus from inflation to the slowing U.S. labor market. Further Reading Fed Official Says Central Bank Isn’t ‘Really Talking About Rate Cuts’ Chicago Fed’s Goolsbee Says Fed May Need to Shift Its Focus to Jobs Fed Begins Pivot Toward Lowering Rates as Inflation Declines For more coverage of the markets and your investments, head to WSJ.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.