Comments from the Chicago Fed President:Inflation side of the mandate is clearly the problemPCE report wasn't all negativeSaw a little bit of improvement on services in PCE reportNeed to keep watching inflationInflation is a bit more disturbing on the services sideSome inflation is driven by one-and-doneI've long been uneasy with forward guidance but I don't hate the dot plotI don't want to commit on years-ahead forecastsSpending now and counting on future gains makes me nervous about potential inflationary pressureWages aren't a great leading indicator for inflationIt's core CPI from services that makes me nervousIt's going to be interesting if Warsh pulls back from communication. The signal on rates in that case is likely to be driven by other Fed members, including Goolsbee. That's going to make it more important to follow the bents of individual members. Goolsbee has been a hawk for awhile and he's not giving that up today despite the drop in oil prices. At the same time, it doesn't sound like he's frothing at the mouth to hike rates at the next meeting. This article was written by Adam Button at investinglive.com.