PANews reported on December 12 that Chicago Federal Reserve President John Goolsby said on Friday that he opposed the Fed's recent 25-basis-point rate cut, arguing that more data on inflation and the job market should be awaited before further rate cuts, especially given that businesses and consumers remain highly concerned about rising prices. Goolsby was one of three Fed officials who voted against the rate cut in this week's 9-3 vote. He advocated postponing the rate cut until early next year. He explained, "Given that inflation has been above target for four and a half years, has stalled in recent months, and that almost all businesses and consumers we've contacted in our district recently have considered prices a primary concern, I think it's more prudent to wait for more information." He also stated that if future data shows inflation is returning to the Fed's 2% target, he remains "optimistic" that interest rates "can be significantly lowered" next year.