Fed’s Goolsbee: ‘We still have a long way to go’ to get to 2% target

The October consumer inflation data show that progress continues on bringing inflation down, but price pressures remain well above the Fed’s preferred level, Chicago Federal Reserve President Austan Goolsbee said on Tuesday.

“We still have a long way to go before we reach our 2% PCE inflation target,” Goolsbee said in a moderated discussion at the Detroit Economic Club. The personal consumption expenditures price index, or PCE, is the Fed’s preferred measure of inflation.

“There…