A member of the U.S. Federal Reserve calls for not overreacting to inflation data.

Federal Reserve Bank of Chicago member Austan Goolsbee said on Friday that inflation has slowed and emphasized the strength of conditions in the labor market. Additionally, Goolsbee made the following statements:

• I see no compelling evidence that the U.S. economy is suffering.
• Let’s not overreact to data from just one month.
• Policymakers see inflation moving toward the Federal Reserve’s target.
• The broader picture is that inflation is coming down significantly, and unemployment is at a level we are happy with.
• The difference between the current situation and the 1970s is that inflation expectations have not risen this time.
• Markets have confidence in the Federal Reserve's credibility when it committed to bringing inflation back to the 2% target.