Austan Goolsbee, president of the Federal Reserve Bank of Chicago, is urging the Fed to get serious about tackling inflation and winning back public trust.
This comes after a new report showed producer prices jumped 6.5% over the past year, the biggest spike since late 2022.
That is way above the Fed's 2% goal.
Austan Goolsbee offers no specific moves
Goolsbee did not lay out any specific moves but stressed that keeping an eye on inflation is key right now.
Markets are betting on a small interest rate hike (0.25%) at the next Federal Reserve meeting in December, with a slight chance of an even bigger bump.
Fed Governor Christopher Waller has also hinted he is open to stronger action if inflation data warrant it.