Fed's Goolsbee said he's more worried about inflation than weak job growth. His remarks suggest he may not support a September rate cut.

Futures markets are also expecting a rate cut. Investors peg the chances of a quarter-point interest rate cut at nearly 96%, according to the CME FedWatch Tool, a measure of market sentiment.

A top official at the Federal Reserve said Saturday that this month’s stunning, weaker-than-expected report on the U.S. job market is strengthening her