Chicago Fed President Austan Goolsbee said high inflation concerned him more than labour-market weakness, signalling what appears to be his support for Fed rate hike.“The biggest problem facing our economy right now is not the collapse of industry and the collapse of jobs; it’s that prices have been rising too fast. We got an inflation problem, and people hate inflation,” Goolsbee said in a Wired video published on Tuesday and recorded on June 22.Citing indicators such as unemployment, hiring and layoffs, he described the labour market as “stable, without being good.”However, it remains unclear whether he supported the rate increase sought by several colleagues last month.The Fed kept its policy rate unchanged at 3.50%-3.75% on July 29, with three of its 12 voting policymakers dissenting in favour of an increase.Goolsbee, who does not vote on monetary policy this year, has not said whether he supported the decision. Inflation has exceeded the Fed’s 2% target for more than five years, though many policymakers expect it to resume declining later this year.Traders scaled back bets on Fed tightening after data released on Friday showed that the US economy unexpectedly lost jobs in July. CME interest-rate futures now indicate nearly even odds of a rate increase or another pause in September.Economists expect Wednesday’s data to show that consumer inflation accelerated again in July after easing in June.Unlike his immediate predecessors, Fed Chair Kevin Warsh has offered little indication of where he believes interest rates should head. Goolsbee has expressed similar doubts about providing forward guidance.In Tuesday’s video, Goolsbee did not offer specific views on the appropriate stance of monetary policy. Instead, he answered online questions about the Fed and the economy, including whether AI could destroy the job market and how to identify a counterfeit $100 bill.“If AI takes some jobs, it will take the tasks in those jobs, but I’m still pretty hopeful and expecting that we’re going to figure out how to keep people employed,” Goolsbee said.He added that behind the Chicago Fed’s 80,000-pound vault door were “many tens of billions” of dollars being checked for authenticity and wear.Goolsbee advised using sight and touch to identify counterfeit bills. “Please don’t lick it,” he said.--With inputs from agencies