US Stock Market: Fed's Goolsbee says inflation outlook hinges on tariffs, services prices

Chicago Fed President Austan Goolsbee stated that the US inflation outlook depends on tariff effects and services prices, noting that the labor market remains stable. US CPI rose 4.2% year-on-year in May while the PCE price index, the Fed's preferred gauge, was up 3.8% in April, both well above the 2% target. Goolsbee flagged services inflation as particularly persistent and warranting close attention, while agreeing with Fed Chair Kevin Warsh that no policymaker backed a rate hike at the June meeting.