Chicago Federal Reserve Bank President Austan Goolsbee stated that he wants to see more data before deciding how to vote at the central bank's December meeting but warned that he is currently more concerned about inflation than the labor market.

"I haven't made a decision about the December meeting yet," Goolsbee said on Monday. "I'm uneasy about the inflation side—it has been above target for four and a half years now and is trending in the wrong direction."

Policymakers, including Goolsbee, voted to cut the benchmark interest rate by 0.25 percentage points at the October 28-29 meeting, marking their second consecutive rate reduction to support a weakening job market.

At a subsequent press conference, Chair Jerome Powell cautioned that market expectations for another rate cut in December were not a foregone conclusion. Some policymakers are increasingly worried that inflation—which stood at 3% year-over-year as of September—is not cooling toward the Fed's 2% target quickly enough, while the economy's strength could reignite price pressures.

Goolsbee added that he still believes rates could be lowered "a fair amount," but "the wisest approach may well be to let rates decline in tandem with inflation."