Federal Reserve Bank of Chicago President Austan Goolsbee said on Friday that the longer-run trend of labor market and inflation data justify the Fed easing interest-rate policy soon and then steadily over the next year, per MarketWatch.

Key quotes

The long arc shows inflation is coming down very significantly, and the unemployment rate is rising faster.

Given the more favorable inflation data and the less favorable unemployment data, it is pretty clear that the path is not just rate cuts soon. 

Said he saw "more" warning signs about the cooling labor market.

I don't want us to be basing decisions on one data point. 

If we remain tight for too long, we are going to have to deal with the employment side of the mandate. 

Persistent weakness has raised the possibility that the labor market will keep cooling, and could "turn into something worse.