Overview
- Chicago Fed President Austan Goolsbee warned that services prices are the most troubling part of inflation.
- He pointed to recent consumer price data that ran hotter than forecasts as proof that pressures have not eased enough.
- Goolsbee said higher energy costs can ripple through the economy as fuel and power bills raise the cost of many goods and services.
- Commodity signals have firmed, with copper trading near its January high, which can add to cost pressures for manufacturers.
- Investors are watching the Federal Reserve’s next steps, with some reports expecting Kevin Warsh could be confirmed soon, which would put his stance in focus.