Federal Reserve's Goolsbee: If inflation does not decline, interest rates need to be raised

Federal Reserve's Goolsbee stated that if inflation does not fall back to the 2% target level, interest rates will need to be raised.

He is open to the possibility of inflation starting to decline and is willing to accept that the current inflation issue stems from supply shocks that are about to fade, but he hopes to see evidence that this shock is indeed fading.