According to Odaily Planet Daily, Fed's Goolsbee said that the labor market and some leading economic indicators are flashing warning signs and is worried that the unemployment rate will continue to rise. He pointed out that rising credit card delinquencies and small business defaults are also a cause for concern.

Goolsbee said when problems start to arise in the job market, they tend not to happen slowly. He declined to say whether he favors cutting interest rates at the Fed's next meeting in September, but reiterated that there is no need to tighten monetary policy when the economy is not overheating. He said the size of a possible rate cut "is on the table."