Federal Reserve Bank of Chicago President Austan Goolsbee said on Wednesday that ongoing inflation trends will be visible in data after some time.

"It will take time for current inflation trends to show up in the data," Goolsbee told National Public Radio (NPR), adding that parts of April inflation are the result of a lagged nature of data. "Right now is a time for the Fed to wait for more information, try to get past the noise in the data. The Fed's job is to be a steady hand not respond to daily gyrations of stock market or policy pronouncements."

He concluded that early conclusions about long-term trends should be avoided with this kind of short-term unpredictability, following the latest annual inflation report for the United States.