Chicago Federal Reserve President Austan Goolsbee described recent inflation data as "bad news," indicating that price pressures remain a concern for monetary policymakers.

Goolsbee's comments reflect ongoing challenges facing the Federal Reserve as it works to bring inflation down to its 2% target. The central bank has been closely monitoring economic data to guide its monetary policy decisions.

The Federal Reserve has been raising interest rates to combat inflation, which reached multi-decade highs in recent years. Officials have been looking for sustained evidence that price pressures are moderating before considering changes to their policy stance.

Goolsbee's characterization of the data as disappointing suggests that inflation may not be declining as quickly as policymakers had hoped. The Federal Open Market Committee uses inflation data as a key input in determining the appropriate level of interest rates.

The Chicago Fed president's remarks come as the central bank continues to balance its dual mandate of maintaining price stability while supporting maximum employment. Recent economic indicators will likely influence the Fed's approach to future monetary policy decisions.