April 14 (Reuters) – Chicago Federal Reserve President Austan Goolsbee on Tuesday said interest-rate cuts may need to wait until 2027, depending on how long oil prices stay high.

“It’s our job to get inflation back to 2%,” Goolsbee told AP at the Semafor World Economy conference.

Before the Iran war he had thought tariff inflation would recede this year and allow the Fed to cut rates. “I thought there could be even multiple rate cuts in 2026; the longer this goes where we never got to see the decrease in inflation (and) if the inflation stays up, realistically, I think that starts pushing it out of ’26.”

(Reporting by Ann Saphir)