FED'S GOOLSBEE CALLS CPI DATA "DISCOURAGING," SAYS SERVICES INFLATION IS A CONCERN He said the focus should be on the trend in inflation, not one report, and that the Fed needs to keep a close eye on services inflation. He hopes energy will fade from the inflation data soon, and said evidence is building that inflation hasn't been transitory amid continued shocks. - More bad months of inflation would be unacceptable - If current inflation levels hold, policy would need to address that - The Fed must prevent a build up of overheating, and there is no ambiguity if the economy is solid and inflation is high - He doesn't want to tie hands on the monetary policy outlook and isn't a fan of telegraphing Fed moves ahead of meetings - Contacts are talking about costs and prices, not recession worries - He is more optimistic about the outlook than other Fed officials - The Fed will get inflation back to 2%