Fed’s Goolsbee keeps policy focus on PCE after high consumer price readings

Chicago Federal Reserve President Austan Goolsbee said on Friday continued high consumer price index readings were concerning, but he remains focused on how the Fed's targeted personal consumption price expenditures index behaves. "We've had multiple inflation readings that were higher than we wanted" for the CPI, Goolsbee said on Fox Business, but PCE "is the better measure…If we start getting better readings that show us that arc of inflation coming down…that will make us feel a lot better about where we are…If PCE is reinflating – we will stabilize prices."