(Reuters) -Chicago Federal Reserve President Austan Goolsbee said on Wednesday the U.S. central bank is grappling with understanding whether tariffs will push up inflation just temporarily or more persistently, which would inform its decision on when to cut interest rates.

“As we go into the fall, these are going to be some live meetings and we’re going to have to figure it out,” Goolsbee told the Greater Springfield Chamber of Commerce in Springfield, Illinois. “The hardest thing that a central bank ever has to do is to try to get the timing right when there are moments of transition.”

Goolsbee said he is uneasy assuming tariffs will be just a one-time shock to inflation and wants to see more data including wholesale price data due out this week and broader inflation data next month bef

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