Fed's Goolsbee: PCE unlikely to be as 'sobering' as CPI

Feb 20 (Reuters) - Chicago Federal Reserve President Austan Goolsbee on Thursday said he does not expect the inflation reading the central bank uses to set its inflation target to be as "sobering" as the figures previously reported in the Consumer Price Index.

Last week, the Labor Department reported a larger-than-expected 0.5% month-over-month increase in CPI for January. The comparable Personal Consumption Expenditures price index the Fed uses for its target is due next week.