Federal Reserve Bank of Philadelphia President Anna Paulson said Friday she expects inflation to cool next year though she cautioned there is a risk of a further downturn in the labor market.

The Fed could have waited for delayed economic reports on inflation and employment, Chicago Federal Reserve Bank President Austan Goolsbee said.

Federal Reserve officials who voted against the U.S. central bank's interest rate cut this week said on Friday they are worried that inflation remains too high to warrant lower borrowing costs, particularly given the lack of recent official data about the pace of price increases.

"The inflation rate has not been great," Chicago Fed President Austan Goolsbee said on Friday at the bank's Annual Economic Outlook Symposium. While he doesn't consider himself to be a "hawk," he voted to hold rates unchanged on Wednesday.

While the Fed predicts inflation will moderate in 2026, Chair Jerome Powell still sees price pressures rising early next year as tariffs continue to work their way through the economy.

Federal Reserve Bank of Philadelphia President Anna Paulson said Friday her main concern right now is the state of the job market, in remarks that also said the current state of monetary policy should help bring down inflation to the Fed’s 2% target.

The report comes after the longest government shutdown in U.S. history scuttled the release schedule of key economic reports.

Fed officials explained their opposition to the central bank’s decision this week to cut interest rates by a quarter of a percentage point.

Personal spending appears to have stalled in September, another economic warning sign for the Fed to consider as it weighs whether to cut interest rates.

Kansas City Federal Reserve President Jeffrey Schmid said he dissented against the central bank's quarter point rate cut this week because inflation is "too hot" and monetary policy should remain modestly restrictive to keep it in check.