Chicago Federal Reserve President Austan Goolsbee on the 14th described the slowdown in June's consumer price index as surprisingly good and encouraging, while indicating that a single month's data is not enough to be confident that inflation will return to the 2% target. The June CPI rose 3.5% year-on-year, slowing from the previous month's 4.2% increase and coming in below market expectations of a 3.8% rise. Goolsbee said that if such data continues for several months, it would be more reassuring.