The Federal Reserve's inflation fight isn't over, but it's on track. That's the message from Federal Reserve Bank of Chicago President Austan Goolsbee in an interview with Yahoo Finance Federal Reserve reporter Jennifer Schonberger.

"It's very clear that inflation's come way down in a 12-18 month period. This is about as fast as inflation has ever fallen in the US and we did it without a recession. That's what I call the golden path. It's not done, but it makes me feel a lot better," Goolsbee says. Goolsbee points to declines in housing and services as a sign that inflation is on the right track.

"The more information we get that shows that the economy does not look like it's overheating and that we're getting improvement both month after month and in the components on inflation, like what we've now seen for several months in a row, to me, that's what the path to 2% looks like," Goolsbee adds.

When it comes to the labor market, Goolsbee notes that it has been cooling, saying, "It's definitely an area of concern. One to keep your eye on." However, he doesn't think the data is pointing to a recession, but it is "a cooling back to better balance, but it needs to stabilize at that and not keep getting worse."

So what does this mean for an interest rate cut? Goolsbee says he doesn't like "tying our hands ahead of time," expressing a desire to see more data and hear from his Fed colleagues.

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This post was written by Stephanie Mikulich.