Fed's Goolsbee: The Fed needs to focus on longer trends.

(In regards to a December rate cut or pause) I don't like tying our hands, still more data to come.

Markets react immediately and in most extreme terms; that's not the Fed's timetable.

The Fed needs to focus on longer trends.

We are going to be looking at rate cuts along the lines of September Fed policymaker projections.

I am personally comfortable with not charging right towards neutral and slow down as we approach it.

Inflation numbers have to keep improving.

If we started to see reversal on inflation progress, we would have to figure out if it is a bump.

Not a lot has changed on that in last couple weeks.

Recent inflation has been a little higher than the target, if that is extended, it's too high.

There's a lot of volatility on inflation data series.

Neutral is significantly lower than where the Fed policy rate is now.

If productivity growth stays higher than trend, need to be careful relying on GDP growth rate to check if economhy is overheating.

I am perfectly comfortable with disagreement within Fed over where the neutral rate is.

The dispute on neutral rate could support slower cuts.