Chicago Federal Reserve Bank President Austan Goolsbee on Friday left the door open to supporting an interest-rate cut in September should fresh data prove reassuring, but said recent reports showing a rise in services inflation give him some pause amid what he calls the "stagflationary" impulse from tariffs.

Federal Reserve Bank of Chicago President Austan Goolsbee said he would like to see at least one more inflation report to be sure persistent price pressures aren’t picking up.

"The hardest thing that the Fed ever has to do is get the timing right at moments of transition,” Goolsbee said on NBC News’ “Here’s the Scoop” podcast.